HomeMy WebLinkAbout0506 (d) Certificate. The Insurance Trustee may rely upon a
certificate of the Association made by it President and
Secretary to determine whether or not the damaged property is
to be reconstructed or repaired.
22.2 Plans and Specifications. Any reconstruction or
repair must be substantially in accordance with the plans and
specifications for the original building, portions of which are
attached hereto as exhibits; or if not, then according to plans
and specifications approved by the Board of Directors of the
Association and by the owners of units to which more than
seventy-five percent (75$) of the common elements are appurtenant,
including the owners and Institutional Mortgagees of all damaged
units, which approval shall not be unreasonably withheld.
22.3 Res risibility. If the damage is only to those
parts of units for which the responsibility of maintenance and
repair is that of the unit owner, then the unit owner shall be
responsible for reconstruction and repair after casualty. In all
other instances the responsibility for reconstruction and repair
after casualty shall be that of the Association.
22.4 Estimates of Costs. Immediately after a
determination is made to rebuild or repair damage to property for
which t~~e Association has the responsibility of reconstruction and
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 bond as the Board
of Directors may require.
22.5 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 against all unit owners in proportion to their shares in
the common elements. 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, assessments shall
be made against the unit owners in sufficient amounts to provide
funds for the payment of such costs. Such assessments•on account
of damage to common elements shall be in proportion to the units'
shares in the common elements. Such assessmsnet on account of
damage to units shall be in proportion to the shares of insurance
j proceeds attributable to each damaged unit if a building is to be
restored, as set forth in Paragraph 21.3(c) of this Declaration.
0 22.6 Construction Funds. The funds for payment of
costs of reconstruction and repaT after casualty, which shall
'consist of proceeds of insurance held by the Insurance Trustee and
funds collected by the Association from assessments against unit
~ owners, shall be disbursed in payment of such costs in the
following manner:
(a) Association. If the total assessments made by the
Association in order to provide funds for payment of costs of
reconstruction and repair which are the responsibility of the
Association are more than five thousand dollars ($5,000.00)
then the sums paid upon such assessments shall be deposited
by the Association with the Insurance Trustee. In all other
a cases, the Association shall hold the sums paid upon such
assessments and disburse the same in payment of the costs of
~ reconstruction and repair.
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