Condominium Resale Certificate - Williams & Williams

entitled to receive payment of
the proceeds unless there is
a surplus of proceeds after the Property has been completely
repaired or restored, or the Condominium is terminated. The
trustee may disburse the funds pursuant to Section 9.2 (in the
event the proceeds are sufficient for reconstruction), but
notwithstanding the provisions thereof, the trustee shall have
the right (but not the obligation) to require the funds to be
disbursed only against surety bonds, completion guarantees,
escrows or such other assurances as may satisfy the trustee.
In
the event the trustee is of the reasonable opinion that the fire
and extended coverage insurance is insufficient to cover the
replacement value of the insurable improvements, it may (but
shall not be required to) increase the coverage and send the bill
for the premium therefor to the Unit Owners as provided in this
Article VIII and remit the amount of the premium to the party
entitled thereto. Nothing herein contained shall impose any
liability on the trustee for failing to increase the coverage or
failing to increase the coverage sufficiently or for selecting
any particular insurance company. The trustee shall have
the right to resign or appoint a trustee as successor trustee
with full power of substitution
as a successor trustee with like
powers. In the event that the trustee fails to appoint a successor
trustee, then the Executive Board shall appoint said successor.
All handling of insurance proceeds shall be at no expense to the
trustee, except that the cost of security bonds, completion
guarantees, title escrow distribution charges, if any, shall be