HomeMy WebLinkAbout0947 pair is that ef t~;e dwelling unit owner, then the dwelling unit awner
shall be responsible for reconstruction and repair after casualty. In
all other instances, the re sponsibility of recanstruction and repair
shall be that of the Association.
D. ESTIMATE OF COSTS. Immediately after a determination
is made to rebuild or repair damage to property for which the Associa-
t ion has tr.e responsibility of reconstruction and repair~, the Assacia-
tion siiall ebtain reliable and detailed estimates of the cost to. re-
bt:ild or repair. Such costs may include professional fees and premiums
for such bonds as the Board of Directors desires.
E. ASSESSME!VTS. If the prcceeds of i~isurance are not suffi-
cier.t te defray the estimated cost of reconstruction ar.d repair by the
Association, cr if at any tim,e during reconstruction and repair, or upon
completion .f reconstruc*ion and repair, the funds for the payment of
cost~ are ins~:ffic~ent, ~r.cltiding the aforesaid fees and premiwns, as-
sessments shall be :~:ade agair,st ~he dwelling unit owners who ~wn the
damaged dwelling units,and against all dwelling uni* owners in the case
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of damage tc~ comrion eiem.ents, in suffieient amounts ~o provide funds for
the pay~:ent of such costs. Such assessments against dwelling unit owners
,
~ for damage to d~azlling units shall be in proportion to the ~.ost of re-
f
; c~r.straL~ion and repair of their re spec~ive dwelling units. Such a ssess-
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~ r;:er.vs ~n account of darnage to cor.imon elements shall be in grop~rtion to
~ the awner's sh.are in the common elements.
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~ r. ~.ONSTRUCTIOTd I~'UNDS. The funds f~r payment of costs of
~ recens~ruc*ior. and repair after casualty, which shall consist of pro-
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~ ceeds of ir.s~arance held b`- *he Insurance Trustee and funds collected
~ Assocya~~cr. fr~m assessmen*s agair_st dwelling unit owners, shall
v~ uta~,
be dis~ribu~ed in payrnen.*. of such costs in the following manner:
~ ~
~ i. Association. If the to*.,al of assessments
made by t e tissociation in ~rder i,o provide
~ funds for payTr:ent of costs oi reconstruction
~ and repair *hat is the respc~nsibi2ity of the
~ Association is more than $5,000.00, then tr,e
surns paid upon such assessments shall be de-
posited by the Association with the Insurance
~ ~'rustee. In aIl other cases the Association
~ shail rold the sums paid upon such assessments
and disburse *hem in paymer.t ~f the ccsts cf
~ reconstruction ar,d repairs.
2. Znsurance Trustee . The proceeds of insurar.ce
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