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. [Pre-2002 Recodification Citation: 32-1-6-20.] As added by P.L.2-2002, SEC.10.