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HomeMy WebLinkAbout0089 • been filed with the Condominium Association~ unless the o*mers of all ap~trtments and the c~rners and holders of all mortqaqes agree otherwise. ~ Tf the cost of repairs or reconstruction of the premises exceeds the amount of insurance funds available, then the Condo- minium Association shall levy a special assessment against the owners of the apartments requiring reconstruction or repairs and/or against the awners of all apartments for damage to the common clements, the amount of the assessment in each case to be consis- tent with the determination of loss percentaqe allocated amonq apartments and the Common Elements. The assessment shall be levied and collected as in the case of other assessments, and the funds collected shall be deposited with the Insurance Trustee except as _hereinafter provided. C. D~isbursement of~ Construction Furi~ds. 1. Damage to One Apartment - Whenever loss due to casualty is confined solely to the interior of one apart~nent, the funds for repairs~may at the option of the Condominiwa Associa- tion, and with the approval of the owner and holder of any institu- tional first mortgage encumbering the apartment, be delivered to the awners of the damaged apartment who shall then ~romptly make the i necessary repairs. i ~ ~ ~ 2. Damage ~to More Than One Apartment - In i ~ cases requiring repairs in more than one apartment and/or requiring ~ I s repairs to the Common Elements, the Condominium Association may t require that all proceeds for repairs be deposited to a oonstruc- ~ ~ tion account in the name of the Condominium Association, in which ~ ~ ( event all disbursements for reconstruction or repairs shall be made ~ E ` as directed by the Condominium Associationf provided however, that ~ the amount of such construction fund shall not exceed the amount of ~ the bond covering the corporate officers havinq access to such fund. ~ f . ~ After completion of the restoration of the premises, or , ~ ~ ~ i -22~ R ~ DVLIf?~7/ i~ ~ 1 • 6 ~ ~ x ~n-.b,r r a ' ~-i . _ _ _ ~ ' .'w nr•[..:.€ ,..,r... :e:s._ .4?~ m .',.~''~i j '=t3'iz~ - h _ . ~ ~ . . . . ~ . _ _ .