Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
Except as hereinafter provided, damage to or
destruction of the building shall be promptly repaired and restored by the
manager or board of managers, using the proceeds of insurance, if any, on the
building for that purpose, and the unit owners shall be liable for assessment
for any deficiency except in the case of an unconstructed building which may be
insured under a master policy of insurance as described in Section 526 of this
title, in which event the declarant shall be liable for any deficiency relating
to such unconstructed building. If there is substantially total destruction of
the property, or if seventy-five percent (75%) of the unit owners computed on
the basis set forth in Section 503 of this title duly resolve not to proceed
with repair or restoration, then and in that event the property or so much
thereof as shall remain, shall be subject to partition at the suit of any unit
owner, in which event the net proceeds of sale, together with the net proceeds
of insurance policies, if any, shall be considered as one fund except for the
declarant in respect to uncompleted units on which declarant is not making the
pro rata contribution described in subsection (a) of Section 512 of this title,
said fund shall be divided among all the unit owners in proportion to their
respective undivided ownership of the common elements, after first paying off,
out of the respective shares of unit owners, to the extent sufficient for that
purpose, all liens on the unit of each unit owner. With respect to uncompleted
units or uncompleted buildings for which the declarant is not making pro rata
contributions pursuant to subsection (b) of Section 512 of this title, the
declarant shall not receive its portion of said fund according to its respective
undivided ownership in the common elements but shall receive net proceeds of
sale according to the formula described in paragraph (j) of Section 514 of this
title and such proceeds of insurance, if any, attributable to said uncompleted
buildings and/or uncompleted units under a master policy of insurance as
permitted in Section 526 of this title. The manager, or board of managers, as
the case may be, and their agents and employees shall have an easement to enter
units to make repairs to common elements or when the repairs reasonably appear
to be necessary for public safety or to prevent damage to property other than
the unit.
Historical Data
Laws 1963, HB 609, c. 288, § 27; Amended by Laws 1985, HB 1556, c. 137, § 6,
eff. November 1, 1985.