HomeMy WebLinkAbout0939 - according to plans and specifications approved by the Board of
Directors of the Association.
C. Estimates of Costs. Immediately after a determination is
made to rebuild or repair damage to property for which the
Association has the responsibility of reconstruction or repair,
the Association shall obtain reliable and detailed estimates of
the cost to rebuild or repair. Such costs may include
professional fees and premiums for such bonds as the Board of
Directors desires.
D. Special Assessments. The amount by .which an award of
insurance proceeds to the Insurance Trustee is reduced on account.
of a deductible clause in an insurance policy shall be assessed
equally against all members. If the .proceeds of such assessments
and of the insurance are not sufficient 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 payment of the costs
of reconstruction and repair are insufficient, special assessments
shall be made against the members in sufficient amounts to provide
funds for the payment of such costs.
'i E. Construction Funds. The funds for the payment of costs
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of reconstruction and repair after casualty, which shall consists
of proceeds of insurance held by the Insurance Trustee and funds
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collected by the. Association from special assessments against
~r~embers, stall be distributed in payment of such costs in the
following manner:
1. Association. If the total of special assessments
made by the Association in order to provide funds for payment of
costs of reconstruction and repair that is the responsibility of
the Association is Twenty-Five Thousand Dollars ($25,000.00) or
more, then the sums paid upon such special assess;~ents shall be
deposited by the Association with the Insurance Trustee. In all
other cases, the Association shall hold the sums paid upon such
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