TEL3 Master Deed (12 of 16)
- (k) Until the DECLARANTS have completed and sold all of the units, neither the unit owners nor the Condominium Corporation nor the use of any part of the Project shall interfere with the completion of the contemplated improvements and the sale of the units. The DECLARANTS may make such use of the unsold unit and Common Areas as may facilitate such completion and sale, including but not limited to the maintenance of a sales office, the showing of the property, and the display of signs.
- (l) Reasonable regulations (herein referred to as "building rules") concerning the use, occupancy and enjoyment of the unit and of the Common Areas therefor may be made and amended by the Condominium Corporation in the manner provided in its By-Laws. Copies of such regulations and amendments thereto shall be furnished by the Corporation to all unit owners and occupants of the Project upon request.
Section 7. Insurance. The Condominium Corporation shall, for its benefit and for the benefit of all the unit owners or their mortgagees, if any, as their interests may appear, obtain and maintain at all times fire insurance coverage, with such extended coverage as is customary for buildings in the locality, for the full reinstatement value of the aforesaid units (excluding furniture, furnishings, fixtures, improvements and personal properties supplied or installed by the unit owner) and the Common Areas in the Project. Such reinstatement value may, with the conformity of the insurance company concerned, be revised by the Condominium Corporation from year to year, if necessary.
The policy or policies shall provide that the proceeds thereof shall be payable to the Condominium Corporation, as trustee for the unit owners or their mortgagees, if any, and, subject to this limitation, shall also provide for a separate loss payable endorsement in favor of the mortgagees of each unit, if any. Upon receipt of the proceeds, the Condominium Corporation shall use or pay the same in the manner provided for in the following section,
The premiums on such policy or policies shall be considered common expense of the Condominium Corporation and shall be assessed against each unit in accordance with the provisions of Section 4. Part II hereof. The authority to adjust losses under policies hereafter in force on the Project pursuant to this section shall be vested in the Condominium Corporation provided, however, that an aggrieved unit owner may ask that the determination of the Condominium Corporation be referred to a reputable insurance adjuster acceptable to both parties.
Nothing herein contained shall be construed to prohibit any unit owner or his mortgagees from obtaining additional insurance on the unit corresponding to the unit owner's improvements thereon, provided, however, that such right shall not be exercised in such a way as to decrease the amount realizable under the insurance coverage obtained by the Condominium Corporation, and provided, further, that the unit owner or his mortgagees shall be obliged to notify the Condominium Corporation in writing before obtaining such additional coverage and, within thirty (30) days after issuance of the policy, to file a copy thereof with the Condominium Corporation.
Section 8. Insurance Claims. All proceeds from insurance claims, unless the conditions for dissolution of the Condominium Corporation required by the Condominium Act exist and the required vote of unit owners decide for dissolution, shall be used for the reconstruction or repair of the condominium building or the damaged part or parts thereof. Reconstruction or repair as used in the present context shall mean restoring the condominium building or part or parts thereof to the same condition as it existed prior to the loss, with each unit and the Common Areas having, to the closest approximation possible, the same vertical and horizontal boundaries as before.
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