Common use of Association - Lesser Damage Clause in Contracts

Association - Lesser Damage. If the amount of the estimated costs of reconstruction and repair which is the responsibility of the Association is less than FIVE THOUSAND DOLLARS ($5,000.00), then the construction fund shall be disbursed in payment of such costs upon the order of the Association; provided, however, that upon request to the Insurance Trustee by a mortgagee which is a beneficiary of an insurance policy, the proceeds of which are included in the construction fund, such fund shall be disbursed in the manner hereafter provided for the reconstruction and repair of major damage.

Association - Lesser Damage. If the amount of the estimated costs of reconstruction and repair which is are the responsibility of the Association is less than FIVE THOUSAND DOLLARS ($5,000.00)500,000.00, then the construction fund shall be disbursed in payment of such costs upon the order of the Board of Directors of the Association; provided, however, that upon request to the Insurance Trustee (if appointed) by a mortgagee an Institutional First Mortgagee which is a beneficiary of an insurance policy, the proceeds of which are included in the construction fund, such fund shall be disbursed in the manner hereafter provided below for the reconstruction and repair of major damage.

Association - Lesser Damage. If the amount of the estimated costs of reconstruction and repair which is are the responsibility of the Association is less than FIVE THOUSAND DOLLARS ($5,000.00)500,000, then the construction fund shall be disbursed in payment of such costs upon the order of the Board of Directors of the Association; provided, however, that upon request to the Insurance Trustee by a mortgagee an Institutional First Mortgagee which is a beneficiary of an insurance policy, the proceeds of which are included in the construction fund, such fund shall be disbursed in the manner hereafter provided below for the reconstruction and repair of major damage.damage.‌