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<br /> Section 3. Disbursement of Proceeds. Proceeds of in- n.
<br /> surance policies shall be disbursed as follows: .
<br /> 0
<br /> U (a) If the damage or destruction for which the pro-
<br /> f ceeds are paid is to be repaired or reconstructed, the proceeds,
<br /> 1 or such portion thereof as may be required for such purpose,
<br /> I shall be disbursed in payment of such repairs or reconstruction
<br /> cn
<br /> w as hereinafter provided. Any proceeds remaining after defray-
<br /> U r
<br /> h. my such costs of repairs or reconstruction to the Common Area
<br /> J
<br /> y or, in the event no repair or reconstruction is made, after
<br /> oG making such settlement as is necessary and appropriate with the
<br /> J affected Owner or Owners and their mortgagee(s) as their inter-
<br /> ests may appear, shall be retained by and for the benefit of
<br /> the Association and placed in a capital improvements account. tir
<br /> Gr1 I
<br /> This is a covenant for the benefit of any mortgagee of a Resi- p
<br /> dential Unit and may be enforced by such mortgagee. V%
<br /> t
<br /> (b) If it is determined, as provided for in Section 4
<br /> of this Article, that the damage or destruction to the Common f
<br /> Area for which the proceeds are paid shall not be repaired or
<br /> reconstructed, such proceeds shall be disbursed in the manner +
<br /> as provided for excess proceeds in Section 3(a) hereof.
<br /> ,, I Section 4. Damage and Destruction.
<br /> F.* _ ' (a) Immediately after the damage or destruction by
<br /> ,: tI, fire or other casualty to all or any part of the Property coy-
<br /> : t
<br /> `�.: ered by insurance written in the name of the Association, the
<br /> 4. I .
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