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HomeMy WebLinkAbout1871 ance and repair is that of the apartment owner, then the apart- ment owner will be responsible for reconstruction and repair after casualty. In all other instances, the responsibility of reconstruction and repair after casualty will be that of the Association. 15.4 - Estimates of Costs. Immediately after a determina- tion is made to re ui or repair damage to property for which the Association has the responsibility of reconstruction and repair, the Association will obtain reliable and detailed esti- mates of the cost to rebuild or repair. 15.5 - Assessments. If the proceeds of insurance are not sufficient to de r~ ay the estimated costs of reconstruction and repair by the Association, or if at any time during recon- struction and repair, or upon completion of reconstruction and repair, the funds for the payment of the costs of reconstruction and repair are insufficient, assessments will be made against the apartment owners who own the damaged apartments, and against all apartment owners (as a common expense) in the case of damage to common elements, in sufficient amounts to provide funds for the payment of such costs; and such assessments against apart- ment owners for damage to apartments will be in proportion to the cost of reconstruction and repair of their respective apart- ments. . 15.6 - Construction Funds. The funds for payment of costs of reconstruction an repair a ter casualty, which will consist of proceeds of insurance held by the Insurance Trustee and funds collected by the Association from assessments against apartment owners, or from payments by the Developer, will be disbursed in payment of such costs in the following manner: a. Association. If the total of assessments, or of payment by the Developer, made in order to provide funds for the - costs of reconstruction and repair that is the responsibility of ~ the Association is more than $5,000, then the sums so paid will be deposited by the Association with the Insurance Trustee. In all other cases, the Association will hold such sums and disburse I them in payment of the costs of reconstruction and repair. ~ b. Insurance Trustee. The proceeds of insurance collected on account of a casualty, and the sums deposited with the Insurance Trustee by the Developer or by the Association from collections of assessments agai~st apartment owners on account of such casualty, will constitute a construction fund which will be disbursed in pay- ment of the costs of reconstruction and repair in the following manner and order: (1) Association - lesser damage. If the amount of the estimated costs of reconstruction and repair that is ~ the responsibility of the Association is less than $5,000, ~ then the construction fund will be disbursed in payment ~ of such costs upon the order of the Association; provided, ~ however, that upon request 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 will be disbursed in the manner provided for the reconstruction and repair of major damage. (2) Association - major damage. If the amount of the estimated costs of reconstruction and repair that is the responsibility of the Association is ~cnore than $5,000, then the construction fund will be disbursed in payment of - such costs upon the order of the Association, but only with the approval of an architect qualified to practice in the State of Florida and employed by the Association ' to supervise the work. -13- FEE. PARKER & FEE. P. A. { . ATTORNEYS AT :.AW aOOK~~~ r~CEyV~ ~ POST OFFIGE BOX f000 FORT PIERCE. FLORIDA 33450 ~ ~ ~ . . y _ ~ _ ~ .~-`~:=3"`~ w _ . . . .