Reso 2016-2552 - Laserfiche WebLink

Home Browse Search

(4) Fidelity Insurance. Fidelity Insurance, if required by the Act or Fannie Mae/FHLMC, covering all persons who control or disburse Association funds, such insurance to be in the amount required by law. (5) Association Property. Appropriate additional policy provisions, policies or endorsements extending the applicable portions of the coverage described above to all Association Property, where such coverage is available. (6) Such Other Insurance as the Board of Directors shall determine from time to time to be desirable. 15. RECONSTRUCTION OR REPAIR AFTER FIRE OR OTHER CASUALTY: A. Repair after Casualty. In the event of Fire or Casualty, the requirement to reconstruct, rebuild or repair shall be determined by the holders of the majority Voting Interests. In the event the holders of majority of Voting Interests vote to have the Condominium reconstructed, rebuilt or repaired, the Board of Directors shall arrange for the prompt repair and restoration of the Condominium, and the Association shall disburse the proceeds of all insurance policies to the contractors engaged in such repair and restoration in appropriate progress payments. If the proceeds of the insurance are not sufficient to defray the estimated costs of reconstruction and repair to be effected 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 levied against the Unit Owners in sufficient amounts to provide funds for the payment of such costs. Such Assessments on account of damage to the Condominium shall be in proportion to all of the Owners' respective shares in the Common Elements, as determined by the Association. B. Responsibilities of Unit Owners. If damage occurs to the Units, the maintenance and responsibility of which lies solely upon the respective Unit Owners, then each Unit Owner shall be solely responsible for all necessary reconstruction and repair to its respective Unit which reconstruction and repair shall be effected promptly and in accordance with guidelines established by the Board of Directors. Each Unit Owner shall have the absolute responsibility of applying insurance proceeds, arising as a result of flood, fire or other casualty damage to the Unit to the repair and/or reconstruction of such Unit; provided, however, that no Unit Owner shall have the responsibility of applying insurance proceeds to the repair and/or reconstruction of the respective Units if the Condominium is terminated in accordance with the provisions of Section 17 herein. C. No Reconstruction. In the event the majority of the Voting Interests elect not to reconstruct, rebuild or repair, the Condominium shall be subject to termination as set forth in Section 17 below. 20