HomeMy WebLinkAbout1861 after casualty. In all other instances the respona~bility
oP reconstruction and repair after casualty ahall be that of
the Association.
11.4 Estimates of costa. Immediately after a determi-
nation is ma e o re u or repair darnage to property for
Which the Association has the responsibility of reconstruc-
tion at~d repair, the Association shall obtain reliable ar~d
detailed estiu~tes of the cost to rebuild or repair.
11.5 Assessments. If the proceeds of insurance are r~ot
sufficient o e ray e estimated coats of reconatruction
and repair by the Association, or if at any time during re-
construction and repair, or upon completion of reconstruc-
tion and repair, the Punds for the payment of the costs of
reconstruction arid repair are insufficient, assessments shall
be made against the apartment oNners Nho own the dan~ged
apartments, ar~d against all apartment oxners in the case oP
damage to comaon elements, in sufPicient amounts to provide
fwlda for the payment of such costs. Such assessments against
apartment or~nera for damage to apartments shall be in pro-
portion to the cost of reconstruction ar~d repair of their
respective units. Such assessments on account of damage to
conm~on elements shall be in proportion to the o~ner~s obliga-
tion for con~n e~cpenses.
11.6 Cons truction Punds The funds for payment c~P coa ts
of reconstrua on a repa r after casualty, which ahall con-
sist of proceeds oP insurance held by the Inaurance Trus tee
and funda collected by the Association from assesaments
against apartment owners, shall be disbursed in payment of ~
. such costs in the Polloxing manner:
(a) Association. If the total of assessments
made by the_ ssoc a on in order to provide fl.inds for
the payment of coats of reconstruction an,d repair that
is the reaponsibility iP the Association is more than
$10,000.00, then the sums paid upon such asseasmenta ~ ~
shall be deposited by the Assoeiation ~?ith the Insurance
Trustee. In all other cases the Association shall hold
I~', the sums paid upon such assessments and disburse them
; ~in payment of the costs oP reconstruction and repair.
i -
! (b) Inaurance Trustee. The proceeds of insur-
! ance collec e on accoun of casualty, and the sums
I deposited with the Inaurance Trustee by the Association ;
~ from collections oP asseasments againat apartment owners ~
; on account of such casualty shall conatitute a cor~struction
~ - f'und which shall be disbursed in payment of the coats
of reconstruction and repair in the following manner
~ and order:
(1) Association - Lesser damage. If
~ the amount o e es~imated costs of reconstruc-
~
tion and repair that ia the responaibility of
the Asaociation is less than ~10,000.00, then
~ the construction fund shall be disbursed in - .
payment of~such coats upon the order of the
~ Aasociation; provided, hoxever, t~at upon re-
quest to the Insurance Trustee by a mortgagee
~ that ia a beneficiary of an insurance policy
~ the proceeds oP xhich are included in the
~ construction Pund, such il.ind shall be disbursed
~ in the manner provided for the reconatruction
and•repair oP ma~or damage.
~ (2) Aasociation - Nfn~or damage. If the
~ amount of e es ma'~ed costa oP reconstruc-
~ tion and repair that is the responsibility of -
-11- aoaK 188 ~E 1858
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LAW O/FICp O/ OOL~TtIN, FRANKLIN. CNONIN ~ iGMRANK, P. A., i010 NORTM[AS'T lO~wo fTR[R, NORTN MIAMI ~t/1CM. /LORIDA »i~!
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