HomeMy WebLinkAbout0745 a. Lesser Damage. It units to which 50~ of the
~c,umic~n ~•l.~m~•nts are appurtenant are found by the board of dir-
~~c•turs ut th~~ Association to be tenantable after the casualty,
t h~~ ~tamayed pr uNerty shal l be reconstructed and repaired.
h. Mayor Damage . If units to wtr ich more than 508
ut thr cuuunun ~?lements are appurtenant are found by the board
of directors of ttie Association to be not tenantable after the
rasu~,lty, whether the damayed property will be reconstructed
and repaired ur the Condominium terminated shall be determined
in tt~e fullowiny manner.
(1) . Immediately after ttie determination of the
amount of insurance proceeds, the Association shall give
notice to all unit owners of the casualty, the extent of
ttre damaye, the estimated cost to rebuild and re-pair, the
amount of insurance proceeds and the estimated amount of
assessments required to pay the excess of the rost of
rec:onstruction and repair over the amount of .~~surance
proceeds.
(2) . '1'he not ice shal l call a meeting of unit
owners to be held within 30 days fror~ the mailing of the
notice.
(3). If the reconstruction or repair is approved
at tFre meeting by the owners of 60~ of the common
elements, the damaged property will be reconstructed
. and repaired; but if not so approved, the Condominium
shall be terminated without agreement as elsewhere
provided.
(4). The approval of a unit owner may be expressed
by vote or in writing filed with the Association at or
prior to the meeting.
(5). The expense of this determination shall be
assessed ayainst all unit owners as a common expense.
~ c. Certificate. The Insurance Trustee may rely
upc,n a certificate of the Association made by its president and
E secretary to determine whether or not the damaged property is
~ to t)e reconstructed and repaired.
E
y.2. REPORT OF DAMAGE. If any part of the Condominium _
property shal-l-be damaged and insurance proceeds or other funds
are paid to the Insurance Trustee on account of the damage, a
report of the damage shall be submitted by the Association to
the Insurance Trustee. The report shall include the following
infurn?ation:
a. Date and cause of damage.
b. Whether the damayed property will be recon-
structed and repaired or the Condominium terminated.
It the damaged property will be reconstructed and repaired, the
report shall include the following information:
c. Schedule of damage for which the Association has
responsibility for reconstruction and repair and the estimated
f
costs of reconstruction and repair.
BooK J4J Pa~E
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