Unit Reduced but Tenantable Clause Samples

Unit Reduced but Tenantable. If the taking reduces the size of a unit and the remaining portion of a unit can be tenantable, the award for the taking of a portion of the unit shall be used for the following purposes in the order stated and the following changes shall be effected in the condominium. (1) The unit shall be made tenantable. If the costs of such work exceeds the amount of the award, the additional funds required shall be assessed against the owner of the unit. (2) The balance of the award, if any, shall be distributed to the owner of the unit and to each mortgagee of the unit included in the mortgagee roster, the remittance being payable to the owner and mortgagees jointly. (3) If there is a balance of the award distributed to the unit owner or mortgagees, the share in the common elements appurtenant to the unit shall be equitably reduced. This shall be done by reducing such share by the proportion which the balance of the award so distributed bears to the market value of the unit immediately prior to the taking, and then recomputing the shares of all unit owners in the common elements as percentages of the total of their shares as reduced by the taking.