RECOGNIZED MORTGAGEE OF ANY
PORTION OF THE RESTORATION FUNDS PAYABLE TO THE CONDOMINIUM ASSOCIATION PURSUANT
TO THE FOREGOING SENTENCE.
(D)
RESTORATION BY LANDLORD.
IF LANDLORD MAKES THE RESTORATION AT THE
CONDOMINIUM ASSOCIATION'S EXPENSE, AS PROVIDED IN SECTION 11.1(E) HEREOF, THEN
DEPOSITARY SHALL PAY OVER THE RESTORATION FUNDS TO LANDLORD, UPON REQUEST, TO
THE EXTENT NOT PREVIOUSLY PAID TO THE CONDOMINIUM ASSOCIATION PURSUANT TO THIS
SECTION 11.2, AND THE CONDOMINIUM ASSOCIATION SHALL PAY TO LANDLORD, WITHIN
SEVEN (7) BUSINESS DAYS AFTER DEMAND, ANY SUMS IN EXCESS OF THE PORTION OF THE
RESTORATION FUNDS RECEIVED BY LANDLORD NECESSARY TO COMPLETE THE RESTORATION.
UPON COMPLETION OF THE RESTORATION, LANDLORD SHALL DELIVER TO THE CONDOMINIUM
ASSOCIATION A CERTIFICATE SETTING FORTH THE EXPENDITURES MADE BY LANDLORD FOR
SUCH RESTORATION AND LANDLORD SHALL PAY TO THE CONDOMINIUM ASSOCIATION ANY
AMOUNT OF RESTORATION FUNDS RECEIVED BY LANDLORD IN EXCESS OF THE AMOUNT
NECESSARY TO COMPLETE THE RESTORATION.
SECTION 11.3
CONDITIONS PRECEDENT TO DISBURSEMENT.
THE FOLLOWING SHALL BE CONDITIONS PRECEDENT TO THE PAYMENT OF EACH INSTALLMENT
OF RESTORATION FUNDS TO THE CONDOMINIUM ASSOCIATION AS PROVIDED IN SECTION 11.2
HEREOF, TOGETHER WITH ANY ADDITIONAL CONDITIONS IMPOSED BY THE RECOGNIZED
MORTGAGE MOST SENIOR IN LIEN WHICH IS REQUIRED TO OR HAS AGREED TO MAKE SUCH
RESTORATION FUNDS AVAILABLE FOR THE COST OF RESTORATION:
(A)
THERE SHALL BE SUBMITTED TO DEPOSITARY AND LANDLORD THE CERTIFICATE
OF THE AFORESAID ARCHITECT OR THE AFORESAID ENGINEER STATING THAT (I) THE SUM
THEN REQUESTED TO BE WITHDRAWN EITHER HAS BEEN PAID BY THE CONDOMINIUM
ASSOCIATION OR IS DUE AND PAYABLE TO CONTRACTORS, SUBCONTRACTORS, MATERIALMEN,
ENGINEERS, ARCHITECTS OR OTHER PERSONS (WHOSE NAMES AND ADDRESSES SHALL BE
STATED) WHO HAVE RENDERED OR FURNISHED SERVICES OR MATERIALS FOR THE RESTORATION
AND GIVING A BRIEF DESCRIPTION OF SUCH SERVICES AND MATERIALS AND THE PRINCIPAL
SUBDIVISIONS OR CATEGORIES THEREOF AND THE SEVERAL AMOUNTS SO PAID OR DUE TO
EACH OF SAID PERSONS IN RESPECT THEREOF, AND STATING IN REASONABLE DETAIL THE
PROGRESS OF THE RESTORATION UP TO THE DATE OF SAID CERTIFICATE, ACCOMPANIED BY
INVOICES FROM ANY SUCH CONTRACTORS, SUBCONTRACTORS, MATERIALMEN, ENGINEERS,
ARCHITECTS AND OTHER PERSONS, (II) NO PART OF SUCH EXPENDITURES HAS BEEN OR IS
BEING MADE THE BASIS, IN ANY PREVIOUS OR THEN PENDING REQUISITION, FOR THE
WITHDRAWAL OF THE RESTORATION FUNDS OR HAS BEEN MADE OUT OF THE RESTORATION
FUNDS PREVIOUSLY RECEIVED BY THE CONDOMINIUM ASSOCIATION (III) THE SUM THEN
REQUESTED DOES NOT EXCEED THE VALUE OF THE SERVICES AND MATERIALS DESCRIBED IN
THE CERTIFICATE, (IV) THE MATERIALS, FIXTURES AND EQUIPMENT FOR WHICH PAYMENT IS
BEING REQUESTED ARE IN ACCORDANCE WITH THE APPLICABLE PLANS AND SPECIFICATIONS
AND CHANGES THERETO, APPROVED, TO THE EXTENT REQUIRED HEREUNDER, BY LANDLORD,
(V) EXCEPT IN THE CASE OF THE FINAL REQUEST FOR PAYMENT BY THE CONDOMINIUM
ASSOCIATION THE BALANCE OF THE RESTORATION FUNDS HELD BY DEPOSITARY, TOGETHER
WITH ANY ADDITIONAL FUNDS PROVIDED BY THE CONDOMINIUM ASSOCIATION TO THE
DEPOSITARY, WILL BE SUFFICIENT UPON COMPLETION OF THE RESTORATION TO PAY FOR THE
SAME IN FULL, AND STATING IN REASONABLE DETAIL AN ESTIMATE OF