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.
[Pre-2002 Recodification Citation: 32-1-6-20.]
As added by P.L.2-2002, SEC.10.
Structure Indiana Code
Chapter 8. Administration of Condominiums
32-25-8-1. Bylaws; Administration of Property
32-25-8-3. Recording Instruments; Indexes
32-25-8-4. Sales and Management Offices; Model Units
32-25-8-5. Alteration or Structural Changes; Impairing Easements or Hereditaments
32-25-8-6. Common Profits and Expenses
32-25-8-7. Taxes, Assessments, and Charges
32-25-8-9. Insurance; Co-Owners
32-25-8-10. Insurance; Reconstruction of Building
32-25-8-11. Insurance; Reconstruction of Building; Insufficient Proceeds
32-25-8-12. Determination Not to Rebuild After Casualty or Disaster
32-25-8-13. Expandable Condominiums; Addition of Real Estate
32-25-8-14. Contractable Condominiums; Withdrawal of Land