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will be responsible for reconstruction and repair after casualty. In
all other instances, the responsibility of reconstruction and rep~~r
after casualty shall be that of the Association.
12.4. Estimates of costs. Immediately after a determin-
ation is made to rebuild or repair damage to property for which the
Association has the responsibility of reconstruction and repair the
Association will'obtain reliable and detailed estimates of the cost
to rebuild or repair.
12.5. Assessments. If the proceeds of 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 insuf-
ficient, assessments will be made against the apartment owners who
own the damaged apartments, and against all apartment owners in the
case of damage to common elements, in sufficient amount to provide
funds for the payment of such costs. Such assessments against apart-
ment 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 will 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 after casualty, which will consist of
proceeds of insurance held 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
manner:
(a) Association. If the total of the payments made
in order to provide funds for the costs of reconstruction and repair
that is the respou.s~~lirty 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) Insurance Trustee. The proceeds of insurance
collected on account of a casualty, and the sums deposited with the
Insurance Trustee on account of such casualty will constitute a
~ construction fund which will be disbursed in payment of the costs of
reconstruction and repair in the following manner and order:
_ 1. Association - lesser damage. If the amount
of the estimated costs of reconstruction and repair that is the
responsibility of the Association is less than 55,000.00, 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 the
reconstruction and repair of major damage.
2. Association - major damage. If the amount of
~ the estimated costs of reconstruction and 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 Association and upon approval of an architect ~
qualified to practice in the State of Florida and employed by the
Association to supervise the work.
3. Apartment owner. The portion of insurance
g proceeds representing damage for which the responsibility of recon-
struction and repair lies with an apartment owner will be paid by the
Insurance Trustee 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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