Insurance; reconstruction of building; insufficient proceeds
Sec. 11. (a) If:
(1) the:
(A) improvements are not insured; or
(B) insurance proceeds are not sufficient to cover the cost of
repair or reconstruction; and
(2) the property is not to be removed from the condominium;
the co-owners shall contribute the balance of the cost of repair or
reconstruction in the percentage by which a condominium unit owner
owns an undivided interest in the common areas and facilities as
expressed in the declaration.
(b) The amount of the contribution under subsection (a):
(1) is assessed as part of the common expense; and
(2) constitutes a lien from the time of assessment of the
contribution as provided in IC 32-25-6-3.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006