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Indiana Code Title 32. Property § 32-25-8-11

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 11. (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.

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Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-25-8-11 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-25-8-11/

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