100 (1) Despite anything contained in an insurance trust agreement that the corporation has entered into with an insurance trustee, if the proceeds of an insurance policy issued under section 99 are less than 15 per cent of the replacement cost of the property covered by the policy, the insurer shall pay the proceeds to the corporation or the person whom the corporation specifies. 1998, c. 19, s. 100 (1). Use of insurance proceeds (2) Upon the proceeds being available, the corporation shall promptly use them for the repair or replacement of the damaged units and common elements, unless the owners have voted to terminate because of substantial damage in accordance with section 123. 1998, c. 19, s. 100 (2). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 100 (2) of the Act is amended by striking out “the repair or replacement of the damaged units” and substituting “the repair of the damage to the damaged units”. (See: 2015, c. 28, Sched. 1, s. 90) Payment from Ontario New Home Warranties Plan (3) A corporation that receives a payment out of the guarantee fund under subsection 14 (3) or (4) of the Ontario New Home Warranties Plan Act for remedial work to the common elements shall promptly use the payment for the remedial work, unless, Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 100 (3) of the Act is amended by striking out the portion before clause (a) and substituting the following: (See: 2017, c. 33, Sched. 2, s. 75 (17)) Payment from Ontario New Home Warranties and Protection Plan (3) A corporation that receives a payment out of the guarantee fund under the prescribed provisions of the Protection for Owners and Purchasers of New Homes Act, 2017 or the regulations made under that Act for remedial work to the common elements shall promptly use the payment for the remedial work, unless, (a)  the owners have voted to terminate because of substantial damage in accordance with section 123; or (b)  the corporation has already completed and paid for the remedial work. 1998, c. 19, s. 100 (3). Limitation, mortgage (4) Despite any provision in a mortgage or subsection 6 (2) of the Mortgages Act, a mortgagee may not require that proceeds received under an insurance policy on the property or on a part of the property or a payment received out of the guarantee fund under subsection 14 (3) or (4) of the Ontario New Home Warranties Plan Act be applied towards the discharge of the mortgage; a requirement that contravenes this subsection is void. 1998, c. 19, s. 100 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 100 (4) of the Act is repealed and the following substituted: (See: 2017, c. 33, Sched. 2, s. 75 (18)) Limitation, mortgage (4) Despite any provision in a mortgage or subsection 6 (2) of the Mortgages Act, a mortgagee may not require that proceeds received under an insurance policy on the property or on a part of the property or a payment received out of the guarantee fund under the prescribed provisions of the Protection for Owners and Purchasers of New Homes Act, 2017, or the regulations made under that Act, be applied towards the discharge of the mortgage; a requirement that contravenes this subsection is void. 2017, c. 33, Sched. 2, s. 75 (18). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 90 - not in force 2017, c. 33, Sched. 2, s. 75 (17, 18) - not in force