HomeMy WebLinkAbout0809 agreement in the manner else~vhere provided that the condominium shall be
terminuted.
(2) Alajor Damage: If the damaged im-
provement is the apartment building, and if apartments to which more than 50°,%
of the common elements are appurtenant are found by the Board of Directors
to be not tenantable, then the damaged property wi?1 not be reconstructed or re-
paired and the condon~inium will be terminated without agreement as elsewhere
provided, unless within S1:CtV (60) days after the casualty the owners of 75% of
the common elements agree in ~vriting to Guch reconstruction or i•epair.
tc) Certificate: The Insurance Trustee ma~ rely
upon a certificate of the Association made by :ts President and Secretary to de-
termine whether or not the damaged property is to be recor_~tructed or repaired.
10. 2. Plans ~nd Specifications: Any reconstruction or
repair must be substantially in accordance with the plans and speciiications
for the original building or buildings, and other improvements; or, if not,
then according to plans and specifications approved ~ay the Board of ~irectors
of the Associat~~n.
10. 3. Responsibility: If the damage is only to those parts
of one apartment for ~vhich the responsibility of maintenance and repair is that
of the apartment owner, then the apartment o~vner shall be responsible for re-
construction and repair after casuaity. In all other instances the responsibility .
of reconstruction and repair after casualty shall be that of the Association.
10.4. Estimates Of Cost: Tmmediatelv after a determina-
tion is made to rebuild or repair damage to property for which the Association
has the responsibility for reconstruction and repair, the Association shall ob-
tain reliable and detailed estimates of the co~t to rebuild or repair.
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10.5. Assessments: If the proceeds of insurance are not
sufficient to defra3 the estimated casts of reconstruction and repair by the As-
! sociation, or if at any time during reconstruction and repair, or upon comple-
M
~ tion of reconstruction and repair, the funds for the payment of the costs of re-
~ coastruction and repair are insufficient, assessments shall be made against
~ the apartment o~vners ~vho own the damaged apartments, and again~t all apart-
~ ment owners in case of damage to common elements, in suffic~ent amounts to
~ provide funds for the payment of such costs. Such a: sessments against apart- _
~ mznt owners for damage to apartments shall be in proportion to the cost of re-
~ construction and repair of their respective apartments. Such assessments on
~ account of damage to common elements shall be in proportion to the owner's
~ share in the common elements.
~ 10. 6. Construction Funds : The fun~is for payment of
~ costs of reconstruction and repair after casualty, which shall consist of pro-
~ ceeds of insurance held by the Insurance Trustee and funds collected by the
~ Association from assessmPnts against apartment o~vners, shall be disbursed
in payment of sucli costs in the follo~ving manner:
~ (a) Association: If the total assessments made
~ by the Association in order to provide funds f~r pa_yment of costs of reconstruc-
~ tion and repair that is the respons~bilit~~ of the Association is more than
~ G~, 000. OO,then the sums paid upon such assessments shall be deposited by ttie
~ Association with the Insurance Trustee. In all ~ther cases the Association shall
~ hold the sums paid upon such assessments and disburse the same in paym~ent of
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~ CARL F. ELLWANGER wTTORNEY AT LAW P O. BOX 18Sd BTUART. FIORIDA 934y4
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