HomeMy WebLinkAbout1494 r~conatruction arxi repair are insufPicient, aaaesamenta shall
be made againat the apartment oMnera Nho oi?n the damaged
apartments, arxi against all apartment oMr~era in the cese oP
damage to common elementa, in auPficient anaunta to provide
funds for the payment of auch coats. Such assesaments against
apartment o~nera for damage to apartm~n~s shall be in pro-
portion to the cost of reconstruction and repair of their
respective units. Such aaseasments on account of damage to
comnan elementa ahall be in proportion to the oMner's obliga-
tion for coe~non expensea.
11.6 Conatruction funds. The Purda for paqment of costs
of reconstruc on a repa r after casualty, Nhich shall con-
sist oP proceeda of inaurance held by the Inaurance Truatee
and funda collected bq the Association from asaesamsnts
against apartment o~rners, ahall be disbursed in payment of ;
such costs in the folloMing manner: ~
(a) Association. If tha total of assessments ~
made by the saoc a on in order to provlde funds for
the payment of coats of reconstruction and repair that ~
is the responsibility if the Asaociation is more than
~10,000.00, then the sums paid upon such assesa~nenta
shall be deposited bq the Aaaociation Mith the Insurance
Trustee. In all other cases the Asaociation ahall hold .
the aums paid upon such assessments and diaburae them
in pay~ment of the costs oP reconatruction and repair. ~
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` (b) Insurance Truatee. The proceeda of insur-
ance collec e on accoun - of casua2ty, and t.he sums
a deposited with the Inaurance Truatee by the Association
~ from collections of aasessmenta againat apartment orrners
, on account of such caaualty ahall constitute a conatruction
E fund Mhich shall be disbursed in payment of the costa
~ ` of reconstruction and repair in the folloxing manner
~ and order:
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~ (1) Aasociation - Lesser damage. IP
~ the amount
o3`'~F~ie
es~imated costs of reconstruc- ~
~ tion and repair that is the reaponsibility of
: the Association is less than ~10,000.00, then
~ the construction Pund shall be diaburaed in
~ payment of such costa upon the order oP the
~ Asaociation; provided, hrn+ever, that upon re- ~
e quest to the Inaurance Trustee by a mortgagee ~
; that is a beneficiary of an insurance policy
the proceeda of Mhich are included in the
= construction fur~d, such fund shall be diabursed :
in the manner provided for the reconstruction ;
and repair of maJor damage. ~
~
~ (2) Aaaociation - Ma~or damage. IP the ~
` amount oP e es ma ed coats of reconatruc- ~
~
~ tior. and repair that is the reaponsibility oP {
~ , the Association is more than ~10,000.00, then
the construction fund shall be disburaed in
- payment of such costa in the raanner required
by the Board oP Directors of the Association.
~ Apartment oMner. The portion of
insurance proce s r presenting damage for
Mhich the responsibility of reconstruction
- ar~d repair lies pith an apartment ormer shall
~~t be paid to the said oxner, or iP there is a
~ mortgagee endorsement aa to the apartment,
- then to the o~+ner thereof and the mortgagee
~ointlq, ~ho may use such proceeds as they
caay be advised. '
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eoo~lg7 PACE1492 ~
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LAW OFFICES OF GOIDSTEiN. FRANKLIN. CHONlN Q SCHRANK. P. A.. 2020 NORTHEAST 163ao STREET. NORTM MIAMI BEACH. FLORIDA 93162 _
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