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<br />is not commenced or completed as provided above, then the <br />Association with consent of the mortgagees of record, or the <br />mortgagees of record with the consent of the Association shall have <br />the right, but not the obligation, to enter into those contracts <br />which it deems necessary to complete said reconstruction of the <br />improvement on the Lot, and the Association or mortgagees shall have <br />the right to have said insurance proceeds applied in satisfaction of <br />any obligations incurred pursuant to said contract, without <br />liability of any kind to the Owner. The Association or the <br />mortgagees may employ any title insurance company or other bonded <br />party or parties as its agent in exercising those functions, rights <br />and powers given to it in this Section 2. The Association or the <br />mortgagees shall be empowered to pay said agent and collect said <br />charge from the Owner in the same manner as that which is provided <br />in Section 4, below, for the collection of an insurance premiums <br />paid by the Association. <br /> <br />(d) Disbursement of funds on deposit pursuant to paragraph (a) <br />above, for contracts for reconstruction entered into under <br />paragraphs (b) and (c) above, shall be made by the first mortgagee <br />or Association as hereinabove provided, subject to the following <br />conditions precedent: <br /> <br />(i) Article <br />"Architectural <br />reconstruction. <br /> <br />VI <br />Control" <br /> <br />of these <br />shall <br /> <br />covenants <br />apply to <br /> <br />entitled <br />all said <br /> <br />(ii) Receipt of such construction statements, lists <br />of subcontractors, lien waivers and receipts as the first <br />mortgagee or Association shall determine to be <br />appropriate. Disbursements may be periodic or progress <br />payments, and the first mortgagee or Association may, but <br />shall have no obligation to, make such inspections and <br />withhold such payments as they deem necessary to insure <br />completion in compliance with plans and specifications. <br /> <br />(iii) In the event a contract is entered into pursuant <br />to paragraph (b) above, the written consent of such Owner <br />to said payment. <br /> <br />(e) Nothing contained in this Section 2 shall be construed to <br />make the Association or the mortgagees of record responsible for <br />collection or noncollection of any insurance proceeds; said <br />Association or mortgagees being responsible solely for the insurance <br />proceeds which come into their hands. The Owner of a Lot damaged or <br />destroyed by causes referred to above shall collect or cause to be <br />collected from the insurance carrier involved the proceeds of the <br />policy covering his Lot, for the use of the trustee and mortgagee as <br />hereinabove provided. <br /> <br />-17- <br />