§ 34-36-31. Repairs on insured loss.
Unless otherwise provided in the declaration or bylaws, if the insurance proceeds are insufficient to reconstruct the building, damage to, or destruction of, the building shall be promptly repaired and restored by the manager or management committee, using proceeds of insurance, if any, on the building for that purpose, and the unit owners shall be liable for assessment for any deficiency. However, if three-fourths (¾) or more of the building is destroyed or substantially damaged and if the unit owners, by a vote of at least three-fourths (¾) of the unit owners, do not voluntarily, within one hundred (100) days after such destruction or damage, make provision for reconstruction, the manager or management committee shall record, with the county recorder, a notice setting forth those facts, and upon the recording of the notice:
(1) The property shall be deemed to be owned in common by the unit owners;
(2) The undivided interest in the property owned in common which shall appertain to each unit owner shall be the percentage of undivided interest previously owned by the owner in the common elements;
(3) Any liens affecting any of the units shall be deemed to be transferred in accordance with the existing priorities to the undivided interest of the unit owner in the property; and
(4) The property shall be subject to an action for partition at the suit of any unit owner, in which event the net proceeds of sale, together with the net proceeds of the insurance on the property, if any, shall be considered as one fund and shall be divided among all the unit owners in a percentage equal to the percentage of undivided interest owned by each owner in the property, after first paying out of the respective shares of the unit owners, to the extent sufficient for the purposes, all liens on the undivided interest in the property owned by each unit owner.
History of Section.P.L. 1963, ch. 181, § 1.
Structure Rhode Island General Laws
Chapter 34-36 - Condominium Ownership
Section 34-36-1. - Short title.
Section 34-36-2. - Applicability.
Section 34-36-3. - Definitions.
Section 34-36-4. - Units deemed separable.
Section 34-36-5. - Units may be held in ownership as in other property.
Section 34-36-6. - Exclusive ownership and possession.
Section 34-36-7. - Incidents of ownership.
Section 34-36-8. - Compliance with declaration and rules.
Section 34-36-9. - Alterations.
Section 34-36-10. - Declaration — Recording.
Section 34-36-11. - Deeds — Contents.
Section 34-36-12. - Recording of instruments affecting property — Separate index.
Section 34-36-13. - Survey map.
Section 34-36-14. - Descriptions of unit.
Section 34-36-15. - Bylaws — Recording.
Section 34-36-16. - Bylaw provisions.
Section 34-36-17. - Records of management.
Section 34-36-18. - Release of initial liens.
Section 34-36-19. - Unit liens.
Section 34-36-20. - Common expenses — Payment.
Section 34-36-21. - Interest of unit owner acquired on forced sale.
Section 34-36-22. - Removal of property from application of chapter.
Section 34-36-23. - Resubmission of property to chapter.
Section 34-36-24. - Common profits and expenses — Distribution and charging.
Section 34-36-25. - Voluntary conveyance of unit.
Section 34-36-26. - Liability of unit owner for common expenses absolute.
Section 34-36-27. - Separate assessment for taxation.
Section 34-36-28. - Perpetuities and restraints on alienation.
Section 34-36-29. - Insurance.
Section 34-36-30. - Reconstruction on insured loss.
Section 34-36-31. - Repairs on insured loss.
Section 34-36-32. - Sale or disposition of entirety.
Section 34-36-33. - Actions relating to common areas.
Section 34-36-34. - Liability of unit owners, tenants, employees.
Section 34-36-34.2. - Punitive damages — Attorney’s fees.
Section 34-36-35. - Chapter supplemental.
Section 34-36-36. - Severability.
Section 34-36-37. - Rights of tenants upon conversion to condominium ownership.
Section 34-36-38. - Applicability of local ordinance, regulation, and building codes.