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NS Purchasing - Telesis Construction Management Gateway lease
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NS Purchasing - Telesis Construction Management Gateway lease
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by the Association such other insurance coverage as the Board of Directors shall , from time to time, <br /> determine to be desirable and necessary. <br /> Section 9.03 Premiums . Premiums for insurance policies purchased by the Association shall <br /> be paid by the Association as a Common Expense. <br /> Section 9.04 proceeds. All insurance policies purchased by the Association shall be for the <br /> benefit of the Association, the .Owners and the Owners' respective mortgagees, as their interests may <br /> appear, and shall provide that all proceeds thereof shall be payable to the Association as insurance trustee <br /> under this Declaration. The sole duty of the Association as insurance trustee shall be to receive such <br /> proceeds as are paid and to hold the same in trust for the purposes stated herein or in the Bylaws and for <br /> the benefit of the Owners and their respective mortgagees in the following shares . <br /> (a) Proceeds. on account of damage to Common Elements shall be held as and in the <br /> nature of an undivided share for the Owner of each Unit, such share being the same as each Owneu's <br /> undivided interest in the Common Elements as set forth herein.. <br /> {b) Proceeds on account of damage to the Building shall be held as follows : <br /> (i) When the Building is to be restored - for the Owner of each damaged <br /> Unit in the Building in proportion to the cost of repairing the damage. <br /> suffered .by each Unit, which cost shall . be determined by the Board of <br /> Directors, such proceeds to be held in undivided shares. <br /> (n) When the Building is not to be restored - an apportioned share for the <br /> Owner of each damaged Unit with such apportionment to . be a ratio <br /> identical to the - ratio which the undivided interest in the Common <br /> Elements appurtenant to such Unit bears to the total undivided interests <br /> of all Units in the Common Elements. <br /> (c) In the event a mortgage endorsement has been issued as to a Unit, the share of <br /> the Owner of such Unit shall be held in trust . for the mortgagee and such Owner as their interests may <br /> appear. <br /> Section. 9.05 Distribution of Insurance Proceeds . Proceeds of insurance policies received by <br /> the Association as insurance trustee shall be distributed to or for the benefit of the beneficial owners in the <br /> following manner. <br /> -49- <br />
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