HomeMy WebLinkAbout1668 apartments, ~rhich approval shall not be unreasonably Mithheld.
11.3 Rsa onsibilit . It the damage is only to thoae
parts of one apar men or Mhich the reaponaibility of main-
tenance and repair ia that of the apartment or~mer, then the i
said oaner ahall be reaponaible for reconetruation and repair
after casualty. In all other inatarices the reaponaibility
of reconatruction and repair after caaualty shnll be that of ,
the Association.
11.4 Estimates of coats. Immediately atter a deterrmi-
nation is ma e o re u or repair damage to property for
Nhich the Association haa the reaponaibility of reconatruc-
tion and repair, tha Aasociation ahall obtain reliable and :
detailed estimntes of the cost to rebuild or repeiir. '
11.5 Asseasments. IP the proceeds of inaurance are n~t
suFficient o e ay~he estimated costs of reconstruction
and repair by the Aasociation, or if at ar~ time during re-
conatruction and repair, or upon completion of reconatruc-
tion and repair, the funds for the payment of the coata of
reconstruction ar~d repair are inautficient, assesamenta ahall !
be made againat the apartment oxners Mho orm the damaged
apartments, and against all apnrtment owners in the caae of
damage to comaonon elements, in sufficient amounts to provide
funda for the payment of such coats. Such asaesamenta against
apartment oMners for damage to apar~tmenta shall be in pro-
portion to the coat of reconatruction arid repair oP their
respective units. Such asaeasmenta on account of damage to
com~non elements shall be in praportion to the o~ner's obli$a-
tion for common expenses.
11.6 Conatruction fur~ds . The fw~ds for payment oP coa ts
of reconstruc on a repa r aPter casualty, Khich ahall con-
sist of proceeds of inaurance held by the Inaurarsce Truatee _
and funds collected bq the Association from assessmenta ~
against apartment oxnera, ahall be disbursed in payment of
auch costs in the following manner:
(a) Association. If the total oi' assessments
made by the asoc a on in order to provide 2'~nds for
' the payment of costs oP reconstruction and repair that
i is the responsibilitq if the Association is more than
~ ~10,000.00, then the sun~ paid upon such assessments
~ shall be deposited by the Association ~ith the Insurance
( Trustee. In all other cases the Aasociation shall hoLd
the suma paid upon such asseasmenta and disburse them
~ in paynient of the costa of reconstruction and repair.
(b) Insurance Trustee. The proceeda of insur-
ance collec e on accoun of casualty, ar~d the sumB
deposited with the Inaurance Truatee bq the Aasociation
Prom collections of assessments againat apartment o~rnera
on account of such casualty shall constltute a construction
fund r~hich shall be disbursed in payment of the costa
oP recor~struction and repair in the folloMing manner ~
and order:
~ (1) Asaociation - Lesser damage. If
~ the amount~o'~ e es imsted costs of reconstruc-
tion and repair that is the reaponaibility of
~ the Aasociation is lesa than ~10,000.00, then
~ the conatruction fund shall be diaburaed in '
~ payment oP auch costa upon the order of the
Aasoeiation; provided, however, that upon re-
~ queat to the Inaurance Truatee by a nartgagee
" that ia a beneficiary of an inaurance policy
~ the proceeds of Mhich are included in tha
conatruction fund, auch nnd ahall be diaburaed
in the manner provided for the reconatructioA
and repair of ma~or dame~ge.
6GUK 1y5 ~~E 1f;s6 -11_ N
- 193 260~
:~1N OFiICl6 O/ GOLDiTEIN. f ~~ANKUN. GNONW A SCH/tANK. P A. lU2U NOH/IiLASi IaJHn r,THI tT NORT1/ MIAMI tlEACN. FLORIUA »102
, .
- _ _ - ~ h~~= v Y_ .a.,''~
~ . .._.,''X'-'.~~."~A.~'.°'°-t~~