HomeMy WebLinkAbout0105 b. Major damage . If the damaged improvement is an apartment building
or buildings, and if dwelling units to which more than 50$ af the rommon
elements are appurtenant are found by the Board of Directors to be not
tenantable, then the damaged property will not be reconstructed or re-
paired and the condominium will be terminated without agreement as
elsewhere provided, unless within 60 days after the casualty the owners
of ?5$ of the common eiements agree in writing to such reconstruction
or repair .
3. Certificate. The Insurance Trustee may rety upon a certificate of the Association
made by its President and Secretary to determine whether or not the damaged
property is to be reconstructed or repaired.
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B. Plaris and Specifications. Any reconstrucrion or repair must be substantially in ac-
; cordance with the plans and specifications for the original buildings poriions of which are at-
! tached hereto as exhibits; or if not, then according to plans and .specificaiions approved by
the Board of Directors of the Association. and if the damaged properiy is an apartment building
~ or buildings, by the owners of not less than 75$ of the common elements, including the owners
~ af all damaged dwelling units, which approval shall noi be unreasonably withheld. -
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C. Responsibility. If the damage is only to those parts of a dwelling unit for which the
' responsibility of maintenance and repair is that of the dwelling unit owner, then the dwelling
unit owner shalt be responsible for the reconstruction and repair after tasualty. In all other
instances, the responsiblity of reconstruction and repair shall be that of the Association.
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D. Estimates of costs . Immediaiely after a determination is made to rebuild or repair
damage to property for which the Association has the responsibility of reconstruction and re-
pair, the A3saciation shall obtain reliable and detailed estimates of the cost to rebuild or re-
pair. Such costs may include professional fees and premiums for such bonds as the Board of
~ Directors desires.
r. Assessments. If the proceeds of insurance are not sufficient to defray the estimated
~ cost of reconstruction and repair by ihe Association, or if at any rime during reconstruction
and repair, or upon completiort of reconstruction and repair the funds for the payment of the
costs of reconstruction and repair are insufficient, including the aforesaid fees and premiums,
assessmen"ts shall be made in sufficient amounts to provide funds far the payment of such
costs. Such assessments shall be in proportion to each owner's share in the common elements.
F. Construction funds. The funds for payment of costs of reconstruction and repair
after casualty, which shall consist of proceeds of insurance held by the Insurance Trustee
and funds collected by the Associaiion from the assessments against dwelling uriit owners,
shall be distributed in payment of such costs in the following manner:
1. Associarion. If the total of assessments made by the Association in order to provide
funds for payment of costs of reconstruction and repair that is the responsiblity
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