200010301 - Laserfiche WebLink

Browse

200010301 (b) All other insurance policy premiums shall be allocated in proportion to the ratio of the Allocated Interest each Owner's Unit bears to the total Allocated Interest of the Condominium as a whole as set forth in the Schedule of Allocated Interests in Exhibit "A" of the Declaration. (c) The Association insurance policies, including coverage types, limits, clauses, endorsements, insurable values, shall be reviewed annually by the Board and revised accordingly based upon current appraisals or advice by the Insurer. 9.7 Insurance Proceeds. All insurance purchased by the Association shall be for the benefit of the Insured, as their interests may appear. Payments by the Insurer, in the event of a loss, shall be paid to the Association as Trustee for the Insured. (a) Any portion of the Condominium for which Insurance Coverage is required herein which is damaged or destroyed shall be repaired or replaced promptly by the Association unless (i) the Condominium is terminated, (ii) repair or replacement would be illegal under any state or local health or safety statute or ordinance, or (iii) eighty percent (80 %) of all the Unit Owners of the Condominium (including eighty percent (80 %) of the Owners of a Unit or assigned Limited Common Element which will not be rebuilt) vote not to rebuild. The cost of repair or replacement in excess of insurance proceeds and reserves is a Common Expense. If the entire Condominium is not repaired or replaced, (i) the insurance proceeds attributable to the damaged Common Elements must be used to restore the damaged area to a condition compatible with the remainder of the Condominium, (ii) the insurance proceeds attributable to Units and Limited Common Elements which are not rebuilt must be distributed to the Owners of those Units and the Owners of the Units to which those Limited Common Elements were allocated, or to lienholders, as their interests may appear, and (iii) the remainder of the proceeds must be distributed to all the Unit Owners or lienholders, as their interests may appear, in proportion to the Common Element interests of all the Units. If the Unit Owners vote not to rebuild any Unit, that Unit's Allocated Interests are automatically reallocated upon the vote as if the Unit had been condemned under subsection (a) of § 76 -831 of the Nebraska Uniform Condominium Act, and the Association promptly shall prepare, execute, and record an amendment to the Declaration reflecting the reallocations. notwithstanding the above provisions, § 76 -855 of the Nebraska Uniform Condominium Act shall govern the distribution of insurance proceeds if the Condominium is terminated. (b) In the event a Mortgagee endorsement has been issued as to a Unit, the share of the Unit Owner shall be held in trust for the Mortgagee and the Unit Owner as their interests may appear; provided, however, that a Mortgagee shall have no right to determine or participate in the determination as to whether or not any damaged property -10-