HomeMy WebLinkAbout0803 11 . ~ i+~.~~~•~.•.~n~~nt.~., i f r.l~~. E~rucc:c~ds of 1f1SUI'JIICC are not
:;uf t ic i~•r~t t.i~ .i~•c r.~y t.h~• c. i~n., t~:•d cost ~ ~f recon :t.ruction and
r~~~.~ir by th.~ ~~,~.~ci.,~i~~r~~ ~~r i1 ~~t ~ny tin,~~ during reconstruetion
.~n.~ r~~p.~ir, ~.:r u~,c~n r.c~,nE;l~ t ic,~? c~f ri:constr ~^tion and r~pair, the
funds Cor tl?~ ~~.~yn~c~nt c~C Lh~ c,~~ts of rc~canetruction an~i repair
~r~ insu! fi~.i~~nC, ~ss.:~~m~~nt~ sh~ll bc: m.~cie ~c~ainst the ~p:~rt-
m~.~nt c?w~~~r~ ~vt?~ •u~~,n th~~ ~1.,~n.~~~~~d ~~art~n~ n~. and against all
~~partmv~t:: c~~~n~rr;; in th~~ c,~~~: c~f d~in~y~~ to conunon ~.~lem~-nts.
in sut f ici~:nt .~m~~unts t~~ ~.~-~~vi~i~ iunds f or the payme~it of such costs.
~uch .1:.srJJII:~~r~Ls .~y.~inst ~~~srt~nE~nt owncrs for da~naga to apartmenLs
sh~ll be in E,r:~F:c~rtiun to tt?~~ cc.sts of recc,nstruction and repair
of th~ir r~:s~~~:cCiv~~ unit~. :~u~l~ ~s~~s~ments on account of damags
to corrunon e1~~mc~ntJ Jh.~ll b~ ir~ ~ro~or~tion to the owner~ s
oblig~tion tor c~inrnon exF.ens~s. _
11.E, c:~~n~,t.rtiction Furuis. 1~~~~ funds for payment or costs
of r~cunstrucr_
on ~n rc:p.~ii aftcr casu~lty, which shall consist
of proce~cis of insur~~nc~, h~:lci ~y the Insurance Trustce and funds
~ collectzd by• th~.~ ~+ssoci~tio~~ t~rom ~sessments against apartment
owners, shall b~ di~burs~c! in ~ayment of~ such cost~ in the
follo~ving m~nn~>r:
E~,suci:~ti~,~. Ir the tot~l of assessments made
by t.i~~ t+~soci~t.~or~ in c,rdt~r to provida funds for the
p.iyinc.~nt c~f costs of rE~constru~tion and repair that is
tt~~ r~~c.ponsibility it th.~ Association is more than
~10,U00.00, th~~~n tt~t~ sums paid upon such assessments shall
be d~~osi~~~d ~~y th~ A:.SOCiation with the Insurance Trustee.
In ~11 other cas~s th~.j ~~saciacion shall hold the sums
p~ici up~n such ass~ss~nents and disburse them in payment
oi th~ ::ost~ oi reconstruction and repair.
.
(b) In~~ur.~nc~, Tn,sti~t•. Th~ proceeds of Insurance
cu])~ct~.ci or~ ~~ccount c~f casualty, ~3nd the sums deposited
vlitii tt?~~ Insurancc, `Tru~tee by the Association from
culi~~t.ions oi' ~5s~~.s~n~nts against apartment owr?ers
on :.~cco~~nt ~f suct~ c~su~l ty shall constitute a
; cc~nsCTllCt1G(i Eund v~i?ic_h s}?all be disbursed in payment of
~ , th~• co~ts of r~~constru~tion and repair ir, the followir~y
rn~nn~r ~n~j ord~r: ,
3
r (1) Associ:~tion - Lesser damage. If the
~ .iitliit~tlt of tha ~-sLim~t`d costs of reconstruction .
i ~nd r~~E. ~ir that is th~ responsibility of t1?e
~ r,~soci~tion is l~~s than $10,000.00, then the
~ cc>n~truction fund shall be disbursed in payment of
~
3 ~>u~;; cc,,t~ upun th~, order of the Associdtion;
- ~~rovi~iL~d, fl(~yYCV~l~ t11~t t.pon request to thc~
~ I?j:.~~r.:nc~: Trust~~~ by ~ mortgagee that is a
ti~n~ficiary of ::n insurance pol~cy the proceeds of
~ ;•til:i:,h are includ~~l in the constiuction fund, such
~ -
~ i unci sh:~? 1 bF ciisburs~d in the manner provid~~d for .
~ L!1•.• rc~c~~r~structi~~r~ and r~pair of major damage.
<
~ j ti~ scci ti c,n - N~a jor darnage . I f the amount
?:h,- es~~i.rr~~t~a cost~ reccr.s±ruction ar.d r~~a-~r
~ thuL i:; the resF:on~iL-ility of the Association is more
- tt:~:z b.10,U00.OG, th~~n the consi:ruction fund shall
dist3ursed in ~,~ym~~nt af such costs in the manner ;
~ ~~:.~uircd by tl?~ f3o~rd of Uirectors of the Association.
- ( 3) .1 ~r~r'_:n~-r~t ~,~~mer. The portion of insurance
_ r..z.~ce~-cls rcpr~_~~ntiny darraye ior which the
i;~.on:.it~il.ity ~E r~construction and repair lies with
= .~n .~~7.~r ~rn~nt own~~r shall be ~aid to the said owner,
- cr it r.4~~~r~ i~ ~~:,orty~ye~~ endorsement as to the
,3E,~~rtm~~nt, th~.n tc~ th~: o~~rner thereof and the ~
- in~,x t~~~y~•~ jointly~ who may use such proceeds as
tti!•y tild~ !JE .1i:v~ _.F•t.~i. _ •
.
i
;;s .
- 600~( ~e~ P~1~E OVv