HomeMy WebLinkAbout1372 12.3. Res~~oonsi~~bilit If the damage is only to those
parts of one apartment~or
w~h the responsibility of maintenance
and repair is that of the apartment owner, then the apartment owner
will be responsible for reconstruction and repair after casualty. In ~
all other instances, the responsibility. of reconstruction and 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 or reps r 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 repaint
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 fund s
for the payment of the costs of reconstruction and repair are insuf- ;
ficient, assessments will be made against the apartment owners who f
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 j
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 reps r after casualty, which will consist. of
proceeds of insurance held by the Insurance Trustee and funds
collected by the Association from assessments against apartment i
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 or 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.
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{ (b) Insurance Trustee. The proceeds of insurance ~
f collected on account o a casua ty, 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:
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1. Association - lesser lama e. If the amount
of the estimated costs o reconstruction an repair 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 the
~ reconstruction and repair of major damage.
2. Association - major lama 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
a 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. A artment owner. The portion of insurance
proceeds representing damage or w is the responsibility of recon- ~
struction and repair lies with an apartment owner will be paid b the
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Insurance Trustee to the apartment owner, or if there is a mortgagee
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