HomeMy WebLinkAbout0779 11.4 Estimates of costs. Immediately after a determi-
nation is ma e to re ui or repair damage to property for
which the Association has the responsibility of reconstruc-
tion and repair, the Association shall obtain reliable and
detailed estimates of the Gast to rebuild or repair.
11.5 Assessments. If the proceeds of insurance are not . _
sufficient o e ray the estimated costs of reconstruction
and repair by the Association, or if at any time during re-
construction and repair, or upon completion of reconstruc-
tion and repair, the funds for the payment of the costs of
reconstruction and repair are insufficient, assessments shall
be made against the apartment owners who own the damaged
apartments, and against all apartment owners in the case of
damage to common elements, in sufficient amounts to provide
- funds for the payment of such costs. Such assessments against
apartment owners for damage to apartments shall be in pro- .
portion to the cost of reconstruction and repair of their
respective units. Such assessments on account of damage to
common elements shall be in proportion to the owner's obliga-
tion for common expenses.
11.6 Construction funds. The funds for payment of costs
of reconstru~tion an repair after casualty, which shall con-
sist of proceeds of insurance held by the Insurance Trustee
and funds collected by the Association from assessments
against apartment owners, shall be disbursed in payment of
such costs in the following manner:
, (a) Association. If the total of assessments
made by the Association in order to provide funds for
the payment of costs of reconstruction and repair that
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$10,000.00, 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 the costs of reconstruction and repair.
(b) Insurance Trustee. The proceeds of insur-
ance collecte on account o casualty, and the sums
~ deposited with the Insurance Trustee by tl-ie Association
; from collections of assessments against apartment owners
on account of such casualty shall constitute a construction
fund which shall be disbursed in payment of the costs
, of reconstruction and repair in the following manner
~ and order:
~
~ (1) Association - Lesser damage. If
the amount of the estimated costs of reconstruc- ~
- -ti~n-enc}- ~epai~- t-hat--is-the ~esponsibility of - - _ - - -
the Association is less than $10,000.00, then
the construction fund shall be disbursed in
payment of such costs upon the order of the
Association; provided, however, that upon re-
quest to the Insurance Trustee by a mortgagee
~ that is a beneficiary of an insurance policy
the proceeds of which are included in the
~ construction fund, such fund shall be disbursed
in the manner provided for the reconstruction ?
~ and repair of major damage.
~
~ (2) Association - Major damage. If the
~ amount of e estimated costs of reconstruc-
tion and repair that is the responsi.bility of
the Association is more than $10,000.00, then
the construction fund shall be disbursed in
~ payment of such costs in the manner required
~ by the Board of Directors of the Association.
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LAW OFFIGES OF GOLDfT[IN. PRANKLlN. CHONIN Q SCHRANK. P. A.. 2020 NORTHEAST 163RO STREET. NORTH MIAMI BEACH. FLORIDA 33162 ~
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