Rhode Island General Laws 34-36-31. Repairs on insured loss
Unless otherwise provided in the declaration or bylaws, if the insurance proceeds are insufficient to reconstruct the building, damage to, or destruction of, the building shall be promptly repaired and restored by the manager or management committee, using proceeds of insurance, if any, on the building for that purpose, and the unit owners shall be liable for assessment for any deficiency. However, if three-fourths (¾) or more of the building is destroyed or substantially damaged and if the unit owners, by a vote of at least three-fourths (¾) of the unit owners, do not voluntarily, within one hundred (100) days after such destruction or damage, make provision for reconstruction, the manager or management committee shall record, with the county recorder, a notice setting forth those facts, and upon the recording of the notice:
(1) The property shall be deemed to be owned in common by the unit owners;
(2) The undivided interest in the property owned in common which shall appertain to each unit owner shall be the percentage of undivided interest previously owned by the owner in the common elements;
(3) Any liens affecting any of the units shall be deemed to be transferred in accordance with the existing priorities to the undivided interest of the unit owner in the property; and
(4) The property shall be subject to an action for partition at the suit of any unit owner, in which event the net proceeds of sale, together with the net proceeds of the insurance on the property, if any, shall be considered as one fund and shall be divided among all the unit owners in a percentage equal to the percentage of undivided interest owned by each owner in the property, after first paying out of the respective shares of the unit owners, to the extent sufficient for the purposes, all liens on the undivided interest in the property owned by each unit owner.
History of Section.
P.L. 1963, ch. 181, § 1.
Terms Used In Rhode Island General Laws 34-36-31
- Building: means a building, containing four (4) or more units, or two (2) or more buildings, with a total of four (4) or more units for all the buildings, and comprising a part of the property. See Rhode Island General Laws 34-36-3
- Declaration: means the instrument by which the property is submitted to the provisions of this chapter, as it from time to time may be lawfully amended. See Rhode Island General Laws 34-36-3
- Management committee: means the committee as provided in the declaration charged with and having the responsibility and authority to make and to enforce all of the reasonable rules and regulations covering the operation and maintenance of the property. See Rhode Island General Laws 34-36-3
- Property: means and includes the land, the building, all improvements and structures thereon, all easements, rights, and appurtenances belonging thereto, and all articles of personal property intended for use in connection therewith. See Rhode Island General Laws 34-36-3
- Unit: means a part of the property intended for any type of independent use, including one or more rooms or spaces located in one or more floors (or part or parts of floors) in a building. See Rhode Island General Laws 34-36-3
- Unit owner: means the person or persons owning a unit in fee simple and an undivided interest in the fee simple estate of the common areas and facilities in the percentage specified and established in the declaration. See Rhode Island General Laws 34-36-3