Sec. 10. (a) In case of fire or any other casualty or disaster, other than complete destruction of all buildings containing the condominium units:
(1) the improvements shall be reconstructed; and
(2) the insurance proceeds shall be applied to reconstruct the improvements.
(b) In the event of complete destruction of all of the buildings containing condominium units:
(1) the buildings shall not be reconstructed, except as provided in subdivision (2), and the insurance proceeds, if any, shall be divided among the co-owners:
(A) in the percentage by which each owns an undivided interest in the common areas and facilities; or
(B) proportionately according to the fair market value of each condominium unit immediately before the casualty as compared with the fair market value of all other condominium units;
as specified in the bylaws of the condominium; and
(2) the property shall be considered as to be removed from the condominium under section 16 of this chapter, unless by a vote of two-thirds (2/3) of all of the co-owners a decision is made to rebuild the building.
(c) If a decision is made under subsection (b)(2) to rebuild the building, the insurance proceeds shall be applied, and any excess of construction costs over insurance proceeds shall be contributed as provided in this section in the event of less than total destruction of the buildings.
(d) A determination of total destruction of the buildings containing condominium units shall be made by a vote of two-thirds (2/3) of all co-owners at a special meeting of the association of co-owners called for that purpose.
[Pre-2002 Recodification Citation: 32-1-6-19.]
As added by P.L.2-2002, SEC.10.
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