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reconstruction and repair, or upon completion of reconatruc-
tio~ and repair, the funds for the payment of the costs of ~
reconstruction and repair are insufficient, assesaments shall ~
be made against the apartment owners who own the damaged ~
apartments, and against all apartment owners in the case of ~
damage to common elements, in sufficient amounts to provide ~
funds for the payment of such costs. ~Such assesaments against
apartment owners for damage to apartments shall be in pro- ~
portion to the cost oP reconstruction and repair of their
respective units. Such assessments on account of dan~ge to ;
common elements shall be in proportion to the owner~s obliga- ~
tion for common expenses.
11.6 Construction funds. The funds for p~yment of costs
of reconstruc on an repa r after casualty, which shall con-
sist of proceeds of insurance held by the Insurance Trustee
and funds collected by the Association from assessments
against apartment owners, shall be disbursed in payment of
such costs in the following manner:
{a) Association. If the total of sasessments i
made by the ssoc a on in order to provide funds for
the p~yment of costs of reconstruction arid 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 kssociation with the Insurance
Trustee. In all other cases the Association shall hold
the swns pa3d upon such assessments and disburse them
in payment of the costs of reconstruction and repair.
i
.(b) Insurance Trustee. The proceeds of insur-
ance collec e on accoun of casualty, and the sums
risamcii-Ari mii-h thra Tna»rar?r+P Tr»Rt.E?P l~v th~? :~SCA(±~Af:~At'1
~Y ~ ' ~ ~ ~ ~ ~ ~ ~ _ ' ~ " ' ' Y ' " _ ' _ _ _ ~ ' _ " "
from collections of assessments against apartment owners
; on account of such casualty shall constitute a constructio n
i fund which shall be disbursed in payment of the costs
? of reconstruction and repair in the following manner
~ and order:
~
~ (1) Association - Lesser damage. If
~ the amount
oi'~
e es~imated costs of reconstruc-
~ tion and repair that is the responsibility of f
~ the Association is less than $10,000.00, then
= the conatruction fund shall be disbursed in
= payment of such costs upon the order of the
~ association; provided, however, that upon re-
~
s quest to the Insurance Trustee by a mortgagee
~ that is a beneficiary of an insurance policy
~ the proceeds of which are included in the :
~ construction fund, such fund shall be disbursed ~
~ in the manner provided for the reconstruction
~ and repair of ma~or damage.
~
~ (2 ) Aasociation - Ma~or damage. If the
amount of e es ma ed costs of reconstruc-
- * ior. ar.~ rsg~ir *h~t i L thp rParx~nRi }~~1 i~y c,f
?
the Aasociation is more than $10,000.00, then
~ the conatruction fund shall be disbursed in
~ payment of such costs in the manner required ,
by the Board of Directors of the assoclation. !
_ (3) A artment owner. The portion of
~ insurance procee s representing damage for
which the responsibility of reconstruction '
= and repair lies with an apartment owner shall ~
= be paid to the said owner, or if there is a
= mortgagee endorsement as to the apartment,
_ ~~R then to the owner thereof and the mortgagee
BGOK ~98 P~GE ~,83 ~ointly, who may use such proceeds as they
- may be advised. ~
- ,
(4) Sur lus. It shall be presumed that
the first mon es disbursed in payment of costs
r
vy
~ ' AW OFFICES OF GOLDSTEIN. FRANKLIN. CHONIN ~ SGHRANK. P. A.. 2020 riORTHEAST 183no STREET. NORTH MIAMI BEACM. FLORIDA 33162 ~
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