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<br /> Tn the event� �Chat insurance proceeds are insufficient to repair and
<br /> ' reconstruct the improvements, the Association shaT1 levy a special assessment -to
<br /> provide an amoun't sufficient to conduct said repair� and reconstruction along with
<br /> insurance proceeds. Such assessment shall be Tevied and collected according to
<br /> Section 5 of Article V, and the Association shall also. have the rights noted in
<br /> Section 11 of Article X. '
<br /> Section 3. Dama�e or Destruction - Repair and Reconstruction Optional. f
<br /> In the event of damage or destruction due to fire or other :disaster, �
<br /> which damage or destruct'ion is determined by the Board of Administrators to be
<br /> sixty-six and two-thirds percent (66 2/3%) or more of the total replacemen�t cost
<br /> of all the condominium units iri this Regime, not including land, the Board.shall �
<br /> forthwith, within thirty (30) days of the occurrence of said damage or destruction,
<br /> call a special members' meeting for the ,purpose of presenting to the unit owners the'
<br /> alternative of repair and reconstruction or sale, pursuant to Sections 4 or 5
<br /> of Article X. At such meeting; the Board shall present estimates of repair and
<br /> reconstruction costs, the amount of insurance proceeds available, the projected
<br /> necessity for, and amount. if any, of special assessments necessary to cover any
<br /> deficiency in ins.urance proceeds, the projected`sale price of the property as is,
<br /> and projected distribution of all funds, including insurance proceeds, should the
<br /> owners choose sale rather than repair and reconstruction. In arriving at such
<br /> figures to be presented to the owners, the Board may employ such experts as deemed
<br /> advisable. After presentation of all relevant financial information available to
<br /> the Board, the owners shall be required to adopt either a plan of repair and
<br /> reconstruction or a plan of sale. The affirmative vote of owners holding seventy-
<br /> five percent (75%) in value of the units in this Regime shall be necessary to
<br /> " approve a plan of repair and reconstruction. If such percenta.ge affirmative vote
<br /> is not obtained, the owners holding a majority in value may adopt a plan o� sale
<br /> binding upon all owners. Any plan so adopted must subsequently be approved in
<br /> writing by more than fifty percent (50%) in number, of the first mortgagees
<br /> of record as of the date of adoption of the plan.
<br /> Section 4. Plan of Repair and Reconstruction - Damage or Destruction.
<br /> . In the event that a plan of repair and reconstruction is adopted by the
<br /> owners and subsequently approved by the first mortgagees, as above set forth,
<br /> the Board of Administrators shall forthwith proceed to repair and reconstruct
<br /> the improvements as set forth in Section 2 of Article X.
<br /> Section 5. Plan of Sale - Damage or Destruction.
<br /> In the event that a plan of sale is adopted by the owners and subsequently
<br /> approved by the first mortgagees, as above set forth, or in the event that a plan
<br /> of repair and reconstruction is adopted by the owners but is not approved by the
<br /> required number of first mortgagees of record within sixty (6Q) days from the
<br /> adoption of the plan, then the Board of Administrators shall forthwith record a
<br /> notice setting forth such fact or facts, and upon the recording of such notice
<br /> with the Register of Deeds of Hall County, Nebraska, by the Association's President
<br /> and Secretary or Assistant Secretary, the entire remaining premises shall be offered
<br /> for sale and sold by the Association pursuant to the provisions of this Article,
<br /> as attorney-in-fact for all of the owners, free and clear of the provisions
<br /> contained in the Master Deed, the Articles of Incorporation and these By-Laws.
<br /> The insurance settlement proceeds shall be collected by the Association, and such
<br /> proceeds shall be divided by the Association according to each owner's interest :
<br /> ' in the general common elements, and such divided proceeds shall be paid into •
<br /> separate accounts, each such account representing one of the condominium units.
<br /> Each such account shall be in the name of the Association, and shall. be further
<br /> identified by the condominium unit designation and the name of the owner. From .
<br /> each. separate account, the Association, as attorney-in-fact, shall forthwith use
<br /> and disburse the total amount of each of such accounts, without contribution from
<br /> one account to another, toward the partial or full payment of the lien of any first.
<br /> mortgage against the condominium unit represented by such separate account.
<br /> Thereafter, each _such account shall be supplemented. by the apportioned amount of
<br /> the proceeds obtained from the sale of the entire property and any available funds
<br /> of the Association. Such apportionment shall be based upon each condominium unit
<br /> owner's interest in the general common elements. The total funds of each account
<br /> shall be used and disbursed, without contribution from one account to another, by
<br /> tlie Association, as attorney-in-fact, as seti forth in Section 12 of Article X.
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