Oklahoma § 60-527 - Damage or destruction of building - Repair or restorationDeficiency assessments - Distribution of funds

§ 60-527. Damage or destruction of building - Repair or restorationDeficiency assessments - Distribution of funds

Except as hereinafter provided, damage to or destruction of the

building shall be promptly repaired and restored by the manager or

board of managers, using the proceeds of insurance, if any, on the

building for that purpose, and the unit owners shall be liable for

assessment for any deficiency except in the case of an unconstructed

building which may be insured under a master policy of insurance as

described in Section 526 of this title, in which event the declarant

shall be liable for any deficiency relating to such unconstructed

building. If there is substantially total destruction of the

property, or if seventy-five percent (75%) of the unit owners

computed on the basis set forth in Section 503 of this title duly

resolve not to proceed with repair or restoration, then and in that

event the property or so much thereof as shall remain, shall be

subject to partition at the suit of any unit owner, in which event

the net proceeds of sale, together with the net proceeds of

insurance policies, if any, shall be considered as one fund except

for the declarant in respect to uncompleted units on which declarant

is not making the pro rata contribution described in subsection (a)

of Section 512 of this title, said fund shall be divided among all

the unit owners in proportion to their respective undivided

ownership of the common elements, after first paying off, out of the

respective shares of unit owners, to the extent sufficient for that

purpose, all liens on the unit of each unit owner. With respect to

uncompleted units or uncompleted buildings for which the declarant

is not making pro rata contributions pursuant to subsection (b) of

Section 512 of this title, the declarant shall not receive its

portion of said fund according to its respective undivided ownership

in the common elements but shall receive net proceeds of sale

according to the formula described in paragraph (j) of Section 514

of this title and such proceeds of insurance, if any, attributable

to said uncompleted buildings and/or uncompleted units under a

master policy of insurance as permitted in Section 526 of this

Oklahoma Statutes - Title 60. Property

title. The manager, or board of managers, as the case may be, and

their agents and employees shall have an easement to enter units to

make repairs to common elements or when the repairs reasonably

appear to be necessary for public safety or to prevent damage to

property other than the unit.

Amended by Laws 1985, c. 137, § 6, eff. Nov. 1, 1985.