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HomeMy WebLinkAbout0460 -16- D. ~stimate of costs. Immediatelyjafter a deter- mination is made to rebuild or repair damage to property for which the Association has the responsibility of reconstruction and repair, the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair. Such costs maq include professional fees and premiwas for such bonds as the Board of Directors desires. E. Assessments. If the proceeds of insurance are not sufficient to defraq the estimated cost of reconstruction and rgpair by the Association, or if at any time during reconstruc- t~on and repair, or upon completion of reconstruction and repair the funds for the payment of the costs are insufficient, inclu- ding the aforesaid fees and premiums, assessments shall be made against the dwelli.ng unit owners who o~vn the damaged dwelling units, and against all dwelling unit owners in the case of damage to common elements, in sufficient amounts to provide ~lands for the payment of such costs. Such assessments against dwelli.ng unit owners for damage to dwelling units shall be in proportion to the cost of reconstruction and repair of their respective d~relling units. Such assessnents on account of damage to coam~on elements shall be in proportion to the owner's ~ share in the common elements. F. Construction Funds. The funds for payment of costs i of reconstruction an~d repair after casualty, which shall con- 6 ' f sist of proceeds of insurance held by the Insurance Trustee ! ~ and funds collected bp the Association from assessments i ~ against dwelling unit owners, shall be distributed in payment ; ----e€-s~e~-ees~-s~--~~-~-~ . i € 1. Association. If the total of assessments made i y t e Association in order to provide funds ~ ` for payment of costs of reconstruction and ~ repair that is the responsibilitp of the Association is more than $5,000.00, then the ~ sums paid upon such assess~aents shall be ; ~ deposited bp the Association t~rith the ` Insurance Trustee. In all other cases the i Association shall ho?d the sums paid upon ' ~ such assessmeats and disburse them in payment ~ of the costs of reconstruction and repair. ~ S . , f i t ~ ' a~1~3 ~ ~0 ~ _ . ~ . ~~Y _ _ _ _ ~ . . . _ . _ .v,.~__ S.-.