HomeMy WebLinkAbout0987 damage to the party wall between Dwelling Units, -the provisions of ~
a
This Article VII B.5 below shall apply.
5. Loss Leas than "Very Substantial". Where a loss or
damage occurs within a Dwelling Onit or Dwelling Units but said
loss is less than "very substantial", as hereinafter defined, it
shall be obligatory upon the Association and the Dwelling. Unit
Owner.(s) to repair, restore and rebuild the damage caused by said
loss. Where such loss or damage is leas than "very substantial":
(a) The Association shall promptly obtain reliable
and detailed estimates of the cost of repair and restoration.
(b) The Association shall promptly contract for the
repair and restoration of the damage. All payees shall deliver
paid bills and waivers of. mechanics' liens to the Association and
execute any affidavit required by law or by the Association and
deliver the same to the Association.
- (c) Subject to the foregoing, the Association shall
have the right and obligation to negotiate and contract for the
repair and restoration of the property and shall have the power to
disburse the funds held by it for the repair and restoration of
the property.
(d) If the net proceeds of the insurance are
insufficient to pay for the estimated cost of restoration and
~ repair (or for the actual cost thereof if the work has actually
been done), the Association shall promptly, upon determination of
the deficiency, levy a special assessment against the individual
Dwelling Unit Owner for that portion of the deficiency as is
attributable to his individual Dwelling Unit. The special
assessment funds shall be added by the Association to the proceeds
~ available for the restoration and repair of the affected Dwelling
. Unit(s).
(e) In the event the insurance proceeds are
sufficient to pay for the costs of restoration and repair, or in
the event the insurance proceeds are insufficient but additional
funds are raised by special assessment within ninety (90) days
-21-
~~331 p~E 987