Section 32-25-8-11 - Insurance; reconstruction of building; insufficient proceeds(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.