Background Image
Previous Page  75 / 118 Next Page
Information
Show Menu
Previous Page 75 / 118 Next Page
Page Background

s. 98 (3).

Lien for default under agreement

(4)

The corporation may add the costs, charges, interest and expenses resulting from an

owner’s failure to comply with an agreement to the common expenses payable for the owner’s

unit and may specify a time for payment by the owner. 1998, c. 19, s. 98 (4).

Agreement binds unit

(5)

An agreement binds the owner’s unit and is enforceable against the owner’s successors

and assigns. 1998, c. 19, s. 98 (5).

I

NSURANCE

Property insurance

99. (1)

The corporation shall obtain and maintain insurance, on its own behalf and on

behalf of the owners, for damage to the units and common elements that is caused by major

perils or the other perils that the declaration or the by-laws specify. 1998, c. 19, s. 99 (1).

Definition

(2)

In subsection (1),

“major perils” means the perils of fire, lightning, smoke, windstorm, hail, explosion, water

escape, strikes, riots or civil commotion, impact by aircraft or vehicles, vandalism or

malicious acts. 1998, c. 19, s. 99 (2).

Exclusion ineffective

(3)

An exclusion in the insurance required by this section is not effective with respect to

damage resulting from faulty or improper material, workmanship or design that would be

insured, but for the exclusion. 1998, c. 19, s. 99 (3).

Improvements not included

(4)

The obligation to insure under subsection (1) does not include insurance for damage to

improvements made to a unit. 1998, c. 19, s. 99 (4).

Determination of improvements

(5)

For the purpose of this section, the question of what constitutes an improvement to a

unit shall be determined by reference to a standard unit for the class of unit to which the unit

belongs. 1998, c. 19, s. 99 (5).

Standard unit

(6)

A standard unit for the class of unit to which the unit belongs shall be,

(a) the standard unit described in a by-law made under clause 56 (1) (h), if the board has

made a by-law under that clause;

(b) the standard unit described in the schedule mentioned in clause 43 (5) (h), if the board

has not made a by-law under clause 56 (1) (h). 1998, c. 19, s. 99 (6).

Amount of recovery

(7)

Subject to a reasonable deductible, the insurance required under this section shall cover

the replacement cost of the property damaged by the perils to which the insurance applies. 1998,

c. 19, s. 99 (7).