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HomeMy WebLinkAbout2846 apartments, which approval shall not be unreasonably withheld. 11.3 Responsibility. If the damage is only to those parts of one apar men or which the responeibility of main- tenance and repair is that oP the apartment owner, then the said owner sha21 be responsible for reconstruction and repair after casualty. In all other instances the respansibility of reconstruction anci repair aPter casualty shall be that of the Association. 11.4 Estimates of costs. Immediately after a determi- nation is ma e o re u or repair damage to property for which the Association has the responsibility of reconstruc- tion and repair, the Association shall obtain reliable and detailed estimates of the cost to rebuild or repair. 11.5 Assessments. If the proceeds of insurance are n~t suffi~ient ~'o e ay e estimated costs oP reconstruction and repair by the Association, or if at ar~y time during re- construction and repair, or upon completion of reconstruc- tion and repair, the funds ~or the payment of the costs of reconstruction and repair are insufficient, assessments 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 amour~ts to provide funds for the payment of such costs. Such assessments against apartment owners for damage to apazrtments shall be in pro- portion to the cost of reconstruction ar~d repair of ~heir respective units. Such assessments on account of damage to co~non elements shall be in proportion to the owner's oblig,a- tion for common expenses. 11.6 Construction funds. The fur~ds for payment of costa ~ of reconstruc on a repa r after casualty, which shall con- F sist of proceeds of insurance held by the Insurance Trustee and Punds collected by the Association from assessments ~ against apartment owners, shall be disbursed in payznent of ~ 8uch costa in t2~ee following manner: ~ ~ (a) Association. If the total of assessments ~ made by the Assoc a on in order to provide f'~~~s for ? the payment of costs of reconstruction and repair that is the responsibility iP the Association is more than _ ~10,000.00, then the sums paid upon such assessments ~ shall be deposited by the Association with the Insurance ~ Trustee. In all other cases the Association shall hold = the sums paid upon such assessments and disburse them ~ in payment of the costs of reconstruction and repair. ~ (b) Insurance Trustee. The proceeds of insur- ance collec e on accoun oP casualty, and the surr~s ~ deposited with the Insurance Trustee by the Association ~ from collections oP assessments against apartment ownera ~ on account oP such cao;: o:: :o ~it•ste a construction ~ fund which shall be disbursed in payment of the costs of reconstruction and repair in the Pollowing manner and order: yti (~1) Association - Lesser damage. If the amount o- e es imated costs oP reconstruc- ~ tion arxi repair that is the responsibility of the Association is less than $10,000.00, then the construction fund shall be disbursed in payment of such costs upon the order of the = Associatio»; provlded, however, that upon re- = quest to the Insurance Trustee by a mortgagee = that is a benePiciary oP an insurance policy the proceeds of which are included in the construction Pund, such flind shall be disbursed in the manner provided Por the reconstruction and repair of ma3or damage. .r., `r_-: - ~ go~198 P~~E2843 ~ LI1W OFFiCES OF GOLDbTE1N, FRAHK{.IN, CHONIN ! iCHRANK, P. A., 2020 NORTHEAiT 1631t0 STREET. NORTM MMMI ~EALM, Fl.OR1DA ~3;i,~ s " ~ - . . . . , . . . _ _ - - . .