N.Y. Real Property Law § 339-cc: Repair or reconstruction

§ 339-cc. Repair or reconstruction. 1. Except as hereinafter provided,

damage to or destruction of the building shall be promptly repaired and

reconstructed by the board of managers, using the proceeds of insurance,

if any, on the building for that purpose, and any deficiency shall

constitute common expenses; provided, however, that if three-fourths or

more of the building is destroyed or substantially damaged and

seventy-five per cent or more of the unit owners do not duly and

promptly resolve to proceed with repair or restoration, then and in that

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

to an action for partition at the suit of any unit owner or lienor as if

owned in common, in which event the net proceeds of sale, together with

the net proceeds of insurance policies, if any, shall be considered as

one fund and shall be divided among all the unit owners in proportion to

their respective common interests, provided, however, that no payment

shall be made to a unit owner until there has first been paid off out of

his share of such fund all liens on his unit.

2. Notwithstanding the provisions of subdivision one hereof, in the

case of a qualified leasehold condominium, any damage to or destruction

of the building shall be promptly repaired and reconstructed by the

board of managers, and the proceeds of the insurance policy or policies

required for qualified leasehold condominiums pursuant to the provisions

of section three hundred thirty-nine-bb of this chapter shall first be

applied to such repair and reconstruction.