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sill be responsible for reconstruction and repair after c~~u~ ty. In-
all other instances, the responsibility of reconstruction ~r repair
after casualty shall be that of the Association. _ -
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12:.4. Estimates of costs. Immediately after a determin-
ation is made to re u d or reps r damage to-property for which -the
Association has the responsibility of reconstruction and repair the
Association will obtain reliable and 4etailed estimates of the cast
to rebuild or repair.
12.5. Assessments. If the proceeds of insurance are not -
suff~cient to defray the estimated .costs of reconstruction 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 payiaent of the costs of reconstruction and repair are insuf-
ficient, assessments will be made against the apartment owners who
own the damaged apartments, and against all apartment owners i:~:
case of damage to common elements, in sufficient amount tc provide
funds for_the payment of -such costs. Such assessments against apart-
- went owners-for damage to apartments will be in proportion to the
cost of reconstruction and repair of their respective apartments; and
such assessments on-account of damage to common elements wilt be in -
proportion to the owner's share in the common elements.
12.6. Construction funds. The funds for payment of costs
of reconstruction and repair a ter casualty, Which will consist of
proceeds of insurance field by the Insurance Trustee and funds
collected by the Association from assessments against apartment -
owners, will be disbursed in payment of such costs in the following
manners ~ - - -
- ~ (a) Association. -If the-total of-the payments made
in order to provide funds for the costs of reconstruction-and repair
.that is the responsibility of the Association is more than $5,000.00,
then the sums paid will be deposited with the Insurance Trustee: In
all other cases, the-Association will hold the sums-paid and disburse
- them in payment of the costs of reconstruction and repair.-
- (b) Ir~sr-ranee Trustee. -The proceeds of insurance
collected on account of a casua ty, and-the si:ms deposited with the
- insurance Trustee on account of such casualty will constitute a
f construction fund which will be disbursed in payment of the costs of
reconstruction and repair in the following manner and-order:.
1. Association lesser d~aa e. If the amount
of the estimated costs o reconstruct on and reps r that is the
responsibility of the Association-is less than $5,000.00, then the
construction fund-will be disbursed in payment~of such costs upon the
order of the Association; provided, however, that upon-request to the
Insurance Trustee by a mortgagee that is a beneficiary of an insur-
ance policy the proceeds of which are included in the construction
fund, such fund will be disbursed in the manner provided for tre -
reconst_ruction and-repair of major damage.
2. Association - major crams e. If the amount of
the. estimated costs of reconstruct-on an repair that is the respon-
sibility of the Association is more than $5,000.00, then the con- _
- struction fund will be disbursed in payment of such costs in the
~ - manner required by-the Associatiion.and upon approval of an architect-
qualified to practice in the State of i~lorida and employed by the -
Association to supervise the work.
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3-: A~art~ment owner. -The portion of insurance
proceeds representing damage ~-or whic the responsibility of recon- _
struction and repair lies with an apartment-owner will be paid by the-
Insurance Tr!wstee to the apartment owner, or if there is a mortgagee
endorsement as to the apartment, then to the apartment owner and the
mortgagee jointly, who may use such proceeds as they may be advised. -
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-13- 80 K~4 PACE~s~~ - -
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