Indiana § 32-25-8-11 Insurance; reconstruction of building; insufficient proceeds

Indiana Statutes

§ 32-25-8-11 — Insurance; reconstruction of building; insufficient proceeds

Indiana·Title 32 PROPERTY·Art. 25 CONDOMINIUMS·Ch. 8 Administration of Condominiums

(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. [Pre-2002 Recodification Citation: 32-1-6-20.]

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(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.
[Pre-2002 Recodification Citation: 32-1-6-20.]

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