DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...

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insurance proceeds and (ii) obtaining of all of the necessary governmental or regulatory permits and reconstruction is not diligently pursued thereafter, the Condominium shall be terminated and the Association shall record a statement to that effect in the Public Records of Pinellas County, Florida. The termination of the Declaration does not bar the creation of another condominium affecting all or any portion of the same property. (c) Certificate. The Insurance Trustee may rely upon a certificate of the Association made by its President and Secretary to determine whether a decision has been made to reconstruct or repair. 2. Plans and Specifications. Any reconstruction or repair must be substantially in accordance with the plans and specifications for the original improvements including those for any authorized alteration or improvements made after this Declaration is recorded or, if not in accordance with such plans and specifications, then according to the plans and specifications approved by the Board of Directors of the Association, the Developer and by one hundred percent (100%) of all Unit Owners and mortgagees holding liens thereon. If the foregoing approvals are not given within thirty (30) days of plans therefor being submitted to each person or entity whose approval is required hereunder, reconstruction and repair shall be made in accordance with the original plans and specifications as amended, with such changes as may be necessitated by changes in statutes, rules, regulations and ordinances affecting the Condominium Property. 3. Responsibility. If the damage is only to those parts of Condominium Units for which the responsibility of maintenance and repair is that of Unit Owners, then the Unit Owners shall be responsible for reconstruction and repair after casualty. In all other instances, the responsibility of reconstruction and repair after casualty shall be that of the Association. 4. Estimates of Costs. Immediately after a determination is made to rebuild or repair damage to property for which the Association has the responsibility of reconstruction and repair, the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair. 5. Assessments and Special Charges for Reconstruction and Repair. (a) Common Elements. Assessments shall be made against all Unit Owners in amounts sufficient to provide funds for the payment of such costs not covered by insurance. Such assessments shall be in proportion to each Unit Owner's share in the Common Elements. (b) Condominium Units. Special Assessments shall be made against the Unit Owners who own the damaged Units in sufficient amounts to provide for payments for the costs of reconstruction and repair not covered by insurance. Such Special Assessments against Unit Owners for damage to Units shall be in proportion to the cost of reconstruction and repair of his/her respective Units. 6. Condominium Funds. The funds for the payment of costs for construction and repair after casualty, which shall consist of the proceeds of insurance held by the Association or the Insurance Trustee and funds collected by the Association from assessments against Condominium Unit Owners, shall be disbursed in payment of such costs in the following manner: (a) By Whom Held. If the total assessments made by the Association in order to provide funds for the payment of reconstruction and repair which is the responsibility of the Association is more than $25,000.00 (as such amount may increase from year to year as hereinbefore provided) and if an Insurance Trustee has been appointed, then the sums paid upon such assessments shall be deposited by the Association with the Insurance Trustee. In all other cases the Association shall hold the sums paid upon such assessments and shall disburse the same in payment of the costs of reconstruction and repair. (b) Insurance Trustee. The proceeds of insurance collected on account of a casualty and the sums deposited with the Insurance Trustee by the Association from collection of assessments against Unit Owners on account of such casualty shall constitute a construction fund which shall be disbursed in payment of the costs of reconstruction and repair in the following manner: (i) Association - Lesser Damage. If an Insurance Trustee has been appointed and is holding insurance proceeds and if the amount of the estimated cost of reconstruction and repair which is the responsibility of the Association is 18
less than $25,000.00 (as such amount may increase from year to year as hereinbefore provided), then the construction fund shall be disbursed in payment of such costs upon the order of the Board of Directors. (ii) Association - Major Damage. If the amount of the estimated cost of reconstruction and repair which is the responsibility of the Association is equal to or greater than $25,000.00 (as such amount may increase from year to year as hereinbefore provided), then the construction fund shall be disbursed in payment of such costs in the manner required by the Board of Directors, subject to the approval of an architect qualified to practice in Florida and employed by the Association to supervise the work. (c) Condominium Unit Owner. The portion of insurance proceeds representing damage for which the responsibility of reconstruction and repair lies with a Unit Owner then after the Association or Insurance Trustee, if any, receives such proceeds from the insurance company, the Association or Insurance Trustee, if any, shall pay such proceeds to the Unit Owner, or if there is a mortgage on such Condominium Unit, then to the Unit Owner and the mortgagee jointly, who may use such proceeds as they may be advised. (d) Surplus. It shall be presumed that the first monies disbursed in payment of costs of reconstruction and repair shall be from insurance proceeds. If there is a balance in a construction fund after payment of all costs of the reconstruction and repair for which the fund is established, such balance shall be distributed first to those Unit Owners who may have been specially charged for their proportionate share of an anticipated deficiency and then to the beneficial owners of the fund in their proportionate share; except, however, that the part of a distribution to a beneficial owner which is not in excess of the funds paid by such owner into the construction fund shall not be made payable to any mortgagee. (e) Certificate. Notwithstanding the provisions herein, the Insurance Trustee shall not be required to determine whether or not sums paid by Condominium Unit Owners upon assessments shall be deposited by the Association with the Insurance Trustee, nor to determine whether the disbursements from the construction fund are to be upon the order of the Association or upon approval of an architect or otherwise, nor whether a disbursement is to be made from the construction fund, nor to determine whether surplus funds to be distributed are less than the assessments paid by Unit Owners, nor to determine any other fact or matter relating to its duties hereunder. Instead, the Insurance Trustee may rely upon a certificate of the Association made by its President and Secretary as to any or all of such matters, and stating that the sums to be paid are due and properly payable and stating the name of the payee and the amount to be paid; provided that when a mortgagee is herein required to be named as payee, the Insurance Trustee shall also name the mortgagee as payee; and further provided that when the Association or an Institutional Mortgagee which is the beneficiary of an insurance policy the proceeds of which are included in the construction fund, so requires, the approval of an architect named by the Association shall first be obtained by the Association and a copy of such approval shall be provided to the Insurance Trustee. B. Condemnation. 1. Deposit on Awards with Insurance Trustee. If any of the Common Elements are taken by condemnation or are conveyed in lieu thereof, the awards for that taking shall, for the purposes of this Declaration, be deemed to be proceeds from insurance on account of a casualty causing damage to the Common Elements within the meaning of this Article, and shall be deposited with the Insurance Trustee or the Association, as the case may be. Even though the awards may be payable to Unit Owners, the Unit Owners shall deposit the awards (except for relocation or temporary housing expenses awarded to Unit Owners) with the Insurance Trustee or the Association; and in the event of the failure of any Unit Owner to do so, the Board of Directors may, at its discretion, levy a Special Charge against such Unit Owner in the amount of his/her award, or the amount of that award shall be setoff against any sums hereafter made payable to that Owner pursuant to this Article. 2. Determination Whether to Continue Condominium. Whether the Condominium will be continued after condemnation will be determined in the manner provided in this Article for determining whether damaged Common Elements and Units will be reconstructed and repaired after casualty. For this purpose, the taking by condemnation shall be deemed to be a casualty. 19
Page 1 and 2: DECLARATION OF CONDOMINIUM FOR THE
Page 3 and 4: P. “Limited Common Elements” me
Page 5 and 6: all or any portion of any Unit or t
Page 7 and 8: which they are assigned and any tra
Page 9 and 10: Expenses during the Guaranty Period
Page 11 and 12: D. Restraint Upon Assignment of Sha
Page 13 and 14: eplacements thereof in accordance w
Page 15 and 16: B. By the Unit Owner. 1. No Unit Ow
Page 17: D. Disapproval by Association. If t
Page 21 and 22: (d) Assessments. If the balance of
Page 23 and 24: Common Expenses without discriminat
Page 25 and 26: permitted to install storm shutters
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DECLARATION OF CONDOMINIUM FOR THE GRAND BELLAGIO ...

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