Laserfiche WebLink
(a) In the event of an insured loss to a Unit or Units, all insurance proceeds paid to the <br /> trustee and First Mortgagee or Mortgagees of record shall be deposited by said trustee and First <br /> Mortgagees in escrow with a title insurance company acceptable to them, as hereinafter provided. <br /> (b) In the event of an insured loss to a Unit, the Owner of the Unit with respect to which <br /> the insured loss occurred shall, within thirty(30) days after the insurance proceeds are deposited with <br /> a title insurance company in accordance with Paragraph (a) above, enter into a firm contract with a <br /> qualified builder providing for the reconstruction or remodeling of the Unit to substantially the same <br /> condition as existed immediately prior to the insured loss; provided, however, that no contract shall <br /> be entered into by the Owner for an amount in excess of the insurance proceeds then held by the title <br /> insurance company for said Unit, until additional funds are deposited by the Owner sufficient to <br /> cover all construction costs as determined by the title insurance company. Said reconstruction or <br /> remodeling shall be commenced and completed with due diligence and in no event shall said work be <br /> completed later than 180 days after said insurance proceeds are dosited in escrow as aforesaid. The <br /> Association and First Mortgagee of record of the Unit aff e s as may shall have the right, but not the <br /> ancceed obligation, to deposit such additional funds in excess of,�r y be required to <br /> permit construction as herein provided. <br /> (c) In the event the Owner fails to ent+ into a ntract as provided in Paragraph (b) <br /> above, for the reconstruction or remodeling of the 'provided above; or in the event that <br /> reconstruction or remodeling is not commed or compered as provided above, then the trustee <br /> shall have the right, but not the obligation, to 4 Ito thou contracts which it deems necessary to <br /> complete said reconstruction or remodeling o a i ,,,the trustee or First Mortgagee shall have <br /> the right to have said insurance pr apple ;, atisfa on of any obligations incurred pursuant <br /> to said contracts, without liability 6`f aril find t he Owner, including, but not limited to, without <br /> liability for interest on said instance premeds. Association may employ any bonded party or <br /> parties as its agents in exercisiri those given to it in this Section 6. The Association shall <br /> be empowered to pay agent nable fee for the services rendered by said agent and to <br /> collect said charge fro0st ort)wners, as the case may be, and in the same manner as that <br /> which is provided iw icle X vv � esp to townhouse exterior maintenance assessments. <br /> (d) Disbursement of funds on deposit pursuant to Paragraph (a) above, for contracts for <br /> reconstruction or remodeNtlentemd into under Paragraphs (b) and (c) above, shall be made by the <br /> title insurance company select es hereinabove provided, subject to the following: <br /> (i) Compliance with Article VIII hereof entitled, "Architectural and Exterior <br /> Controls", which shall apply to all such reconstruction or remodeling. <br /> (ii) Receipt by the title insurance company of written consent of any party holding <br /> a lien or encumbrance on the Unit. <br /> (iii) Receipt by the title insurance company of such sworn construction statements, <br /> lists of subcontractors, lien waivers and receipts as it shall determine to be <br /> appropriate. Disbursements may be by periodic or progress payments, and the <br /> title insurance company may make such inspections and withhold such <br /> payments as it deems necessary to ensure completion in compliance with plans <br /> and specifications. The title insurance company shall be entitled to charge and <br /> 15 <br />