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<br /> � Section 6. Obsolescence of Biiil_dings. .
<br /> Upon request of the Board of. Administrators or upon receipt of a written
<br /> 'request signed by owners holding a majority of the total basic value of the
<br /> Condominium Regime, the Secretary shall, pursuant .to the provisions �of Article II:,
<br /> issue notice of a special member's meeting to consider the c{uestion of obsolescen,ce
<br /> of the .condominium buildings_ At such meeting, owners holding eighty :percent (800)
<br /> or more of the total basic value of the Condominium Regime,: voting in person or
<br /> by 'proxy, may agree that the condominium buildings are obsolete. In the event
<br /> that the owners 'agree that the buildings are obsolete, the Secretary shali forthw.ith
<br /> issue notice of 'a special meeting of the members to be held` sixty (60) days from the
<br /> date of the members' meeting at which the owners agreed upon the obsolescence of ,
<br /> the buildings. During this sixty �(60) day period, the Board shall make such.studies,
<br /> ' with the aid of such experts as deemed advisable by the Board, as are necessary t;o
<br /> present estimates as to the costs of remodeling or reconstructing the buildings, ;
<br /> the amount of reserves therefor accrued by the Association to date and the amount,
<br /> if any, of special assessments necessary to cover any deficiency between available
<br /> • reserves and remodeling or reconstruction expense, the projected sale price of the •
<br /> property as is, and the projected distribution of ali funds, including reserves
<br /> and other funds of the Association, should the owners choose sale rather than
<br /> remodeling or reconstruction. At the subsequent special meeting of the members,
<br /> the Board shall present these estimates to the owners and the owners holding a
<br /> majority in value of the units in this Regime shall adopt either a plan of remodeling
<br /> or reconstruction, pursuant to Sectiori 7, or a plan of sale pursuant to Section 8
<br /> of Article X. Any plan so adopted must subsequently be approved in writing by
<br /> more than fifty percent (50%) , in number, of the first mortgagees, of record as
<br /> of the date of adoption of the plan. No such plan shall ga into effect _until such
<br /> approval of first mortgagees. is obtained.
<br /> Section 7. Plan of Remodeling or Reconstruction - Obsolescence.
<br /> In the event that a plan of xemodeling or reconstruction is adopted
<br /> by the owners and subsequently approved by the first mortgagees as above set forth,
<br /> the Board of Administrators shall forthwith proceed to remodel or reconstruct the
<br /> improvements, applying rese�°ves as set.� forth for insurance proceeds in Section 2
<br /> of Article X, with the same rights as to special assessments as set forth therein.
<br /> Section 8. Plan' of Sale-Obsolescence. ,
<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, then the Board of Administrators
<br /> shall forthwith record a notice setting forth such fact or facts, and upon the
<br /> recording of such notice with the Regi:ster of Deeds of Ha11 County, Nebraska, by '
<br /> ' the Associations' President and Secretary or Assistant Secretary, the entire premises
<br /> shall be offered for sale and sold by the Association pursuant to the provisions '
<br /> of this Article, as attorney-in-fact for all of the owners,_ free and clear of the•
<br /> provisions contained in the Master Deed, Articles of Incorporation and these By-Laws.
<br /> The funds and reserves established and held by the Association and the proceeds `
<br /> from the sale of the entire Regime shall be divided by the Association according `to
<br /> each owner's interest in the general common elements, and such divided proceeds
<br /> shall be paid into separate accounts, each account representing one of the condominium
<br /> units. Each such account shall be in the name of the Association, and shall be furthex
<br /> identified by the condominium unit designation and the name of the owner. The total
<br /> funds of each account shall be used and disbursed, without �contribution from .one '''
<br /> account to another, by the Association, as attorney-in-fact, as set forth in
<br /> Section 12 of Article X. .
<br /> Section 9. Condemnation.
<br /> In the event of a taking by condemnation or eminent domain of all or ,
<br /> , part of the common area, the award made shall be paid to the Board of Administrators.
<br /> If owners holding eighty percent (80%) or more of the basic value of the Condominium
<br /> Regime do not, within sixty (60) days `from the date.of the award; approve the use
<br /> of the-proceeds from the award for use in repairing, expanding or restoring the
<br /> � common �area, the Board of Administrators sha11 forthwith disburse the net proceeds
<br /> � of the award for the same purpose and in the same order as ,is provided in
<br /> Section 12 of Article X. �
<br /> Section 10. Power of Sale. � � `
<br /> . In the event o� sale of the en�ire Regime pursuant to_Section 5 or
<br /> � .Section 8 of Article X, or upon. adoption of such a plan upon termination of the. :
<br /> Condominium Regime pursuant.,to.sec,tion 1 bf Art�iele XI:., or °otherwise, �the Associ.ation
<br /> shall;liave all .the>powers .set .forth, in..'Article 'X iri dealirig witli a puxchaser or �;
<br /> »urchaser� -�s att,ornev=.in fact_ • ' .
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