HomeMy WebLinkAbout0874 ! J.:, ..~n~~nt.~:, i t r.l~~• E;rocc•c~~ls af insur~nc~ ar~~ not
s~~f i ic:i~~nL t~~
~~y r.h~: ~-_.t.i~u.,t~~~i C05L:; 01 Tt'CO(lstructior~ and
r~:E~~ir k~y tl~~• ~:~.::~~,:isti~~~~~ r,, it .~t ~ny t~K„~, during r~construCtion
.in~1~ r.~~~,~ir~ ~r !~F~c~r~ cc~~nE,l~tiur~ ~f r~constr ~~~tion ~nd r~~:air~ the
funds for th~~ ~~.+y~n~,r~t of t.h~ c:osts of rer.~~sstruction an~i rcpair
ar~ in~uf t i~ i~•nt. ~~ss~. ~~m~~~~Ls sh~.l l be m.,~e ~~ainst thc ~~p:~rt-
rnent <~,vn.~r~: vrh~~ c~wr? th~ ~i.~n,.~~~~~~i ~,~iilT'tlll~:fl L.~ .~nd against ~~1 l
~lp:lrLrn~~nt~ c,~:i~,~r:, in thE~ c.~~~s_ ~f da~n~g~~ Lo corrunon elem~-nts,
in sut t ici~.nc. .~~nc,unts t~~ ~~rc~vi~lc: l und~ f or the payrnent of such costs
~ucti :+ss~ss~n~~nL~ :~y.~inst ~E~.~rL~uc~nt ovmers for damagc: to apartments
sh~ll t~~~ in F.r.~~ i~rL.iun tc, ti~~ .~c.:,ts of recunstruction and repair
o( t,h~ir r~~~r,~:ctivv ur~its. =>+~ch as~~~~•ssments on account of ciarn~ye
to cc~n?rnc~n ~ 1~•~n~~nt ~ s1i.311 bc~ i~~ }~r~For tion to the ot~:ner' s
oblig~~tic,n ror c~~irunan ex,~~~r-~s~~~.. .
ll.f~ t:~7n~,truction f=uncis, 'llie funds for payment of costs
of rc~cc.~n::truction ~nd r~~p.,lr ~,i ter c~sualty, which shall consist
of pruce~~cjs csf ins~~ranc~~ h~ld by the Insurance Trust~-e and funds
collect~la by tt?~. A.7JG~.Ia~I.lUII LTOiII Ussess;nents against ~partment
owners, sh~ill b~~ disburs~d in ~~aym~~nt of such costs in the
f~lluvrin<~ m.~nn~r:
t~~~ociatic~n. If th~~ total of assessments made
. by tt~~ f~:.~UCl~llOfl in ur.i~~r to provide funds for the
p.~ymi~nt uf costs of recon~truction and repair th~t is ~
th~ r~•;;~~onsibility if th~- Association is more than
~lU,uGG.00, th~~n th~ su~ns paid upon such assessments shall
t,~ ci`,,usit~.d hy th~ f+~sociation with the Insurance Trustee.
Tn ~1~ c~th~r ca„s tt~~ Ass~ciacion shall hold the sums
paid u~on such ~ss~:JJl:~ents and disburse them in payment
~ c,i th~ cust~ of r~cons~tru.:tiori and repair.
(b} Ins~r.~nc~ Tr~istec=. The proceeds of Insurance
collec tt~d ur? .:~ccount ~sf casualty~ and the sums deposited +
with tt<<~ Insurance Trust~~e by tt?e Association from
coll~ctions of :~~s`i~.~ru~nts against upartment owners
; , on ~ccc~unt of suct~ ~:jsudlty shall constitute a
~ ~canstruction fun~ vlhict~ sl?all be disbursed in payment of
; th~~• cost~ of r~ constru~. tion and repair in the followi~~y
! rn:~nn~r ~ir?~~ orcitr:
r
P
~ ( 1) Associ.~ tion L~sser damage. If the
F ri~~;~_;unt ~f t~e ~~~ti~n~tf_a costs of reconstruction
~ ~r~~:l r•~E;~ir that is th~ responsibility of the
t,~sc~ci~tion is l~~s than $10,00G.00, then the
~ ~~,,r; r ruc tion f un~1 sh~~ 11 b~~ di sbursed in payrnent of
~ ~,~s:_t? ~~~•,t~-upon Lt?~ orcier cr the Associdtion;
~ E;LC:vi~1:~~, llc.wever, tt?~~t i?pon request to th~
s ic~~.~~r_:nc.i: I'ru~~•~~> by a morty~gce- that is a
~ t~~~~t~f ici~~ry of ~n •insuranc~ ~oli~y the prc~c:eds ~of
~ ;:'~ich .~re ir~cluci~_cl in thc construction fund, such
F t~.,~?~i sl,.t~ 1 t~e clist;ur.s~d in tlze manner provid~.~d for
~ t~~• r~•c:~r~;truct.i~~r~ :~nd re~pair of major CI3fi1dC~Q.
~
~ ) :c,. i.~ t i~,n - M~ j or clarnage . I f th~ amoun t
~ ~
~,h.= ~~st.irr~~tt-~ ~ost~ iE~.Ct'.s±ruction ant-i r~p~_r
th~± is th~ resc~~r?sibility af the Association is more
~
~]O,UOO.OC, th~~n the construction fund shall
t>t, ~.li sbursed ir? F.~,yin~~nt oi such costs in the manner
~ . r~~uirc:~ ~y tl,e Iio~rd of Directors of the Association. _
= ( 3) .+~-,~~r;.~n~_•nt otivner . The portion of insurance
E., ;,cc~.~s r~E~r~:~c~rltiny d~mage for which the s
i~:~,~r~ ;iE:ility ~:f r~construction and repair lies with ~
_ .:r: .,n.~r ~?n:~nt c~rrnE:i sh~ll be p~id to the said o~rmer, ~
: c, r i t tt?cre i s ~:~or tgayee enc~~rsemen't a s to the 7
yf ~
_ ~r•~~r.*.aj~nt, th«~n to th~: owner thereof and the T
~ n;~~i tg~~3•:~~ jointly, ~~~ho m~y use such proceeds ~s -
= ~~:~y r~~,y ~;c ~~ivi.,c~.
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~ ~a~ 22~ 874
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