Issue: If your association was destroyed by fire or some other hazard, and it did not make sense to rebuild, how would the funds be divided?
Problem. Odds are that you don’t know the answer. The fact that you don’t know should scare you. Is every unit in your association worth the same amount? I doubt it. Do you each pay the same amount in assessments? Does that control? What does your declaration say about the distribution of insurance proceeds if the unit owners elect not to rebuild? Do you understand what it says? Does it even make sense?
Continue Reading Why You NEED to Amend Your Association Declaration Insurance Provision Before You Have a Loss