(a) Damage to Condominium Property. Damage to or destruction of all or any part of the common and limited areas, places, structures and facilities of a condominium or conversion condominium development shall be promptly repaired and restored by the developer or the board of managers upon assumption of control pursuant to Section 1302.10. The cost of such repairs and restoration shall be paid from the proceeds of insurance, if any, payable because such damage or destruction and the balance of such cost shall be a common expense.
(b) Insurance Coverage for Common Areas. The developer or the board of managers, upon assumption of control pursuant to Section 1302.10, shall insure all unit owners, their tenants and all persons lawfully in possession or control of any part of the condominium property for such amount as is determined against liability for personal injury or property damage arising from or relating to the common and limited areas and facilities, and shall further obtain and maintain for the benefit of all unit owners fire and extended coverage on all common and limited areas, places, structures and facilities of the condominium property in an amount not less than eighty percent (80$) of the fair market value. The cost of such insurance shall be a common expense.
(c) Exterior Property Maintenance Code. The developer or the board of managers, upon assumption of control pursuant to Section 1302.10, shall at all times comply with and be subject to Title 3 of the Building Code, the Exterior Property Maintenance Code, and any and all amendments thereto.
(Ord. 5985-1981. Passed 6-8-81.)