HomeMy WebLinkAbout2023 (1) Lesser damage. If the damaged improvement
is the apartment building, and if aparfiments to
which fifty percent (50~ of tl~e common elements
are appurtenant are found by the Board of Direcfiors
of the Assoeiation to be tenantable, the damaged
property sha~l be reconstructed or repaired, unless
within sixty (60) days after the casualty, it is
dete nnined by agreement in the manner elsewhere
provided thafi the Condominium shal]. be teMninated.
. (2) Major damage. If fihe damaged improvement
is the apartment building, and if apartments fio
which more than fifty percent (50°07 of the common
elements are appurtenant are found by the Board of
Directors to be not tenantable, then the damaged
property will not be reconstructed or repaired, and the
Condominium will be terminated without agreement as
elsewhere provided, unless within sixty (60) days
after the casualty, the owners of eighty percent
(80;7 of the common elements agree in writing to
such reconstruction or repair.
.
(c) Certificate. The Insurance Trustee may rely
upon a certificate of the Association made by its President -
and attested by its Secretary as to whether or not the
damaged property is to be reconst~ucted or repaired.
11.2 Plans and speci_fications. Any reconstruction or
repair must be substantially in accordance with the plans and
specifications for the original building, or, in lieu thereof,
according to plans and specifications appro~~ed by the Board
of Directors of the Association, and if the damaged property ~
is in the apartment building, by the owners of not less than ~
eighty percent (80;a~ of the comnon elements, including the
' owners of all damaged apartments, ~~gether with the approval
~ of the institutional mortgagees holding first mortgages upon
~ all damaged apartments, which approval shall not be unreason- ;
~ ably withheid. '
t
j 11.3 Re~ponsibilitY. If the damage is only to those `
~ parts of one apartment for which the respaaisibility of main-
s tenance and repair is that of the apartment owner, then the
~ said owner shall be responsible for reconstruction and repair
~ after casualty. In all other instances the responsibility
~ of reconstruction and repair after casualty shall be that of
~ the Association.
z
r. 11.4 Estimates of costs. Immediately after a determina-
~ tion is made to rebuild or repair damage to property for which
~ the Association has responsibility of reconstrucfiion and
~ repair, the Association shall obtain reliable and detailed
~ estimates of the cost to rebuild or repair.
~
>
=5 11.5 Assessments. If the proceeds of insurance are not
sufficient to defray the esti.mated costs of reconstruction s
~
~ and repair by the Association, or if at any time during
reconstruction and repair, or upon completion of reconstruction '
and repair, the funds for the payment of the costs of recon-
struction 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 comnon elements, in sufficient amounts to provide ~
- funds for the payment of such costs. Such assessments '
against apartment owners for damage to apartments shall be
in proportion to the cosfis of reconstruction and repair -
of their respective units. Such assessments on account of
i~
~
<;; <
_ ;
11 '3
~ _ eaax23? P~~2021 _ 3
K ~
F
:_i
~~r " s ~
~'s ~ y~
~-*~u'u`~ :-~'ur~~~`.`.~~~` _ s '~i~~
~ ~ ~`'~t.`,~," ..sres-<s
-c--,.:
r-,_.
~
~-~',H~`i^ a -e"at-.._"~ _,u ~ . _ rt ~.j;