HomeMy WebLinkAbout2610 apartments, which approval ahall not be unreasonably MithheLd.
11.3 Res onsibi~l~i__t_~ . I~' the damege is only to thoae
parts of one apar men~3'or Mhich the responaibility oP main-
tenance and repair ia that of the apartment o~rner, then the
aaid o~mer shall be responaible for reconatruction and repnir
after casualty. I~ all other inatances the reaponsibility
of reconatruction arid repair after caaualty shall be that of
the Association.
11.4 Estin~ates of coats. Immediately aPter a determi-
nation is ma e o re u or repair damage to property fo.r
which the Association has the responaibility of reconstruc- ~
tion and repair, the Aasociation ahall obtain reliable and
detailed estimates of the cost to rebuild or repair.
11.5 Assessme~ts. If the proceeds of insurance are rot
$uPficient ~o
de~ ar
y"~he estimate~ coata of reconstruction
and repair by the Association,-or if at any time during re-
construction and repair, or upon completion of reconstruc-
tion at~d repair, the funds Por the payment ot' the costs of
reconstruction ar~d repair are inaufPicient, assessmenta shall
be made against the apartment oimers Mho oMn the damaged
apartments, and against all apartment oNners in the case of
damage to com~non elements, in sufPicient amounts to provide
funds for the psyment oP such coats. Such asaesaments against
apartment o~rners for damage to apartments shall be in pro-
portion to the cost of reconstruction and repair oP their
respective units. Such assessments on account of damnge to
f consnon elements shall be in praportion to the o~rner's obli$a-
tion for com~on expenses.
ll.fi -Construction funds • The Punda for payment of coats
of reconstruc on a repa r after casualty, xhich ahall con-
sist oP proceeda of inaurance held by the Inaurance Trustee
and Punds collected by the Association from assessmenta
against apartment o~ners, shall be disbursed in pa-,~rment of
such costs in the follor~ing manner:
(a) Association. IP the total of assessments
made bq the ssoc a on in order to provide i~r~ds for
the payment oP costs of reconstruction and repair that
is the responsibility if the Association is more than ,
~10,000.00, then the sums paid upon such assessments
shall be deposited by the Association Mith the Insurance
Trustee. In all other cases the Aasociation ahall hoLd
- the suma paid upon such asseasments and disburae them
in payment oP the costs of reconstruction and repair.
(b) Insurance Trustee. The proceeda of insur- _
ance collec e on accoun of casualty, and the sums ~
deposited Nith the Insurance Trustee by the Aasociation
Prom collectiona of asaessments against apartment owners
on account of such casualty shall constitute a_construct~on.,
fund Mhich shall be disbursed in paqment of the coats
_ of reconstruction and repair in the folloxing manner
and order:
(1) Asaociation - Lesser damag~. If
the amount o e es imated coats oP reconstruc-
tion and repair that is the responsibi li ty of
the Aasociation is lesa than ~10,000.00, then s
the conatruLtion Pund shall be diabursed in ~
payment oP- s~te~ costa upon the order oP the
Association; provided, hoxever, that upon re- =
quest to the Insurance Truatee by a mortgagee
that is a beneficiary of an insurance policq
the proceeds of Mhich are included in the-
construction fund, such f'und shall be disburaed
in the manner provided for the reconstruction
and repair oP ma~or damage. -
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- ~ -11- - ~ i93 2607 `
~LV OFFICES OF GOLOSTEiN. FRANKLtN. CHONIN A SCHRANK. P A. 2020 NORTHEAST t63na STREET- NORTH MIAMI BEACH. FLORIUA 33162
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