1. (a) If:

   1. (1) the:

      1. (A) improvements are not insured; or
      2. (B) insurance proceeds are not sufficient to cover the cost of repair or reconstruction; and

   2. (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.

2. (b) The amount of the contribution under subsection (a):

   1. (1) is assessed as part of the common expense; and

   2. (2) constitutes a lien from the time of assessment of the contribution as provided in IC 32-25-6-3 .

      [Pre-2002 Recodification Citation: 32-1-6-20.]

As added by P.L.2-2002, SEC.10.