Illinois Statutes Chapter 765. Property § 605/13. Application of insurance proceeds to reconstruction

§ 13. Application of insurance proceeds to reconstruction. In case of fire or any other disaster the insurance proceeds, if sufficient to reconstruct the building, shall be applied to such reconstruction. Reconstruction of the building as used in this and succeeding Section 14 of this Act, means restoring the building to substantially the same condition in which it existed prior to the fire or other disaster, with each unit and the common elements having the same vertical and horizontal boundaries as before.