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202110859
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Last modified
12/23/2021 2:43:41 PM
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12/23/2021 2:41:02 PM
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DEEDS
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202110859
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`.U2110859 <br />structural parts of the common elements. All such repairs and maintenance shall be common <br />expenses and shall be paid for by the association. <br />22. Insurance. The association shall insure the condominium and the association against <br />risk, including tort liability, in such amounts as may be determined by the Executive Board of <br />Directors in the manner set forth in the association's By-laws. Each such policy shall be issued in <br />the name of the association for the benefit of unit owners in proportion to the allocated interests <br />shown hereinabove at Section 7. A unit owner may obtain insurance, for the unit owner's account <br />and benefit, covering the unit and contents. <br />23. Damage. Any damage to the condominium caused by fire or other casualty shall be <br />promptly repaired by the association in the manner set forth in the By-laws, unless (1) the condo- <br />minium is terminated, (2) repair or replacement would be illegal under any state or local health or <br />safety statute or ordinance or (3) Eighty Percent (80%) of the unit owners, including the unit owner <br />of every unit that will not be rebuilt and every unit to which a limited common element that will <br />not be rebuilt is assigned, vote not to rebuild. The cost of repair or replacement in excess of <br />insurance proceeds and reserves is a common expense. If the entire condominium is not repaired <br />or replaced, (1) any insurance proceeds attributable to the damaged common elements must be <br />used to restore the damaged area to a condition compatible with the remainder of the condominium, <br />(2) any insurance proceeds attributable to units and limited common elements that are not rebuilt <br />must be distributed to the owners of those units and the owners of the units to which those limited <br />common elements were assigned, or the lienholders, as their interests may appear, in proportion to <br />the allocated interests of all the units. If the unit owners vote not to rebuild any unit, that unit's <br />allocated interest is automatically reallocated, and the association shall record an amendment to <br />this Declaration reflecting the reallocation. <br />24. Liability. Any tort liability arising from the use of common elements shall be a <br />common expense. Any deficiency in insurance coverage of such liability shall be borne by all <br />unit owners in proportion to the allocated interests shown in Section 7 hereinabove. <br />25. Condemnation. If any part of the common elements is condemned for public use, the <br />award shall be payable to the association. Actual damage to physical improvements shall be <br />repaired and the fund created by the award shall be administered as insurance proceeds in the <br />manner set forth in the By-laws of the association. <br />Page 8 of 12 <br />
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