HomeMy WebLinkAbout1334 damage to the aommon elementa in proportion to the ratio.that the
loss to the comnon elements bears to the entire loes, this ahare to
be retained by the Trustee. One share then shall be allotted to t
each daaaged unit in proportion to the ratio that the loss to the
unit bears to the entire loss. Allproportions of loss suatainpd
to be estimated by the Association. The share allotted to each
damaged unit shall be payable to the unit owner and the mortgagee
as their interests may appear. The Association shall then go ahead
with the repair of the co~on elements and the damaged units. If
the sum allotted to the repair of the com~on elements is not suffi- {
cient for said repair, all of the owners of condominium units shall ~
be assessed for the balance of the funds ~ eded for improvements to
the co~aon elements and the owners of the individual units shall be
assessed individually for the full amount af the sums necessary to
complete the repaira within their individual units.
b. Abandomnent. If there has been a loss or
damage to the condominium property in excess of fifty percent (50~)
of the insured value based on estimates by the insurance carrier
and the insurance proceeds are inadequate to repair and reconatruct
same, and provided that the mortgagees agree and that seventy-five ~
percent (75X) of the voting members vote against levying the special '
assessments and in favor of abando~ent, the project shall be aban-
doned and the condominium terminated.
c. Evidence of Abando~nt. As evidence of
the members' resolution to abandon, the President and the Secretary
of the Association shall execute and place in the public records of
the County an Affidavit stating that such resolution was properly
passed to which a copy of con~tat of seventy-five (75°~) percent of ~
the unit owners and holders of all liens shall be affixed, and upon
the filing of such resolution the condominium shall be terminated.
(5) CERTIFIC~TE. The Insurance Trustee may rely
upon a certificate of the Association made by its President and
Secretary to determine whether or not the damaged property is to be
reconstructed or repaired.
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` 21.2 PIANS AND SPECIFICATIONS. Any reconstruction or ?
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; repair must be substantially in ~ccordance vith the plans and speci-
~ fications for the original building, or if not, then according to ~
j plans a~ specifications approved by the &sard of Directors of the ~
~ Association, and if the damaged property is the apartment building,
by the owners of not less than 75% of the cormnon elements, including
the owners of all damaged apartments,which approval shall not be
unreasonably withheld.
~ 21.3 ESTIMATES OF COSTS. Ia~ediately after a determina-
tion is made to rebuad or repair damage to property, the Association
shall obtain reliable and detailed estimates of the cost to rebuild
or repair.
21.4 CONSTRUCTION FUNDS. The funds for payment of costs
of reconstruction and repair after casvalty, which shall consist of
~ proceeds of insurance held by the Insurance Trustees and funds collected
' by the Association from assessments against apartment oWners, shall be ~
~ disbursed in payment of such costs in the following manner:
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' (1) ASSOC7ATION. If the total of assessments made !
~ by the Association in order to provide funds for payment of costs of
reconstruction and repair is more than $5,000.00, then the sums paid ;
~ upon such assessments shall be deposited by the Association with the ~
~ Insurance Trustee. In all other cases, the Association shall hold the !
sums paid upon such assessments and disburse them in payment of costs
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; of reconstruction and repair.
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: BOOK PAGE
~ R ssz 1332
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