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<br /> �. �;;.�'��.��,�:--
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<br /> .. � euthorized offiaers or agen�a, shall h�ve luli end oomplote �• -.:,;�..ry
<br /> authorization, right and power to make, exeaute and de].iver any -�•L-°•�
<br /> contraat, deed or any other instr�ment with respeat to the interest ��:`'�'
<br /> '-„';'-
<br /> of a auite owner whioh ia neaesaary and appropri�te to exeraisa the .. •�;.;,-_����
<br /> � powexs granted in this Article. Repair and reaonRtruation of the � � • -
<br /> , improvemente, as used in the suaaeeding Seations oP this Artiale ,
<br /> ' . meana restoring the improvements to subs�antialiy the same ;
<br /> �. , I aondition in which they existed prior to the damage, with eaah i t
<br /> ` , suite and the qeneral and limited aommon elements having
<br /> i substantially the 8a�ae vertical and horizon�al boundarie� as
<br /> ; • bafore.
<br /> • � ���;-;�n a Damaae and �Q¢*r��^*;on--Re�air and ReconstruQtion �
<br /> �� MAndato�v. In the event of any damage or destruction due to fire ,
<br /> � or other disaster, which damage or destruction is determined by the
<br /> .; � Hoard of Administrators to be less than Sixty-Six and Two-Thirds
<br /> , � ,. Percent (66 2/3�) of the total replacament cost, not including
<br /> land, of the building containir�y the aondominium suites in any
<br /> Regime, suah damage or destruatie�n shall be promptly repaired and
<br /> � reconstructed by the Asaociation as attorney-in-fact, and the
<br /> �� ,Association shall hav� full authority to deal with insurance � �
<br /> ' proceeds in such repair and raaone�ruction.
<br /> !� � � In the event that ineuraa��e proaeede are insufficient to ;
<br /> i � repair and reconstruct the improvements, the Association shall levy ,
<br /> ; i a special assesssment� to provide an amount suf f icient to conduct i,
<br /> said repair and reconstruation along with insurance proceeds. such
<br /> + assessment shall be levied and oalleated aacording to Seation 5 of
<br /> 1 1 :.rt�al8 v. �:
<br /> � I GQ�tion 3. pamaq� or pe�truction--Repair and Recon$truc'�i�oaa , .;
<br /> s�gtional. In the event of damage ok destruation due to f ire ox � ;
<br /> � Ather disaster, which cl�amage or destruation is determin�d by the
<br /> Board oP Adm3ni�trators ta be sixty-Six And Two-Thirds Percent (66
<br /> 2/3�) or more of the �otal replacement cost of the building
<br /> containinq the condominium suites in any Regime, not including
<br /> land, the Board shall forthwith, within 30 days of the ocaurrence
<br /> of said damage or destruction, call a special member�s meeting for
<br /> the purpoae of preaenting to the suite owners the alternative of
<br /> repair and reconstruction or sale, pursuant to sections 4 or 5 of
<br /> . Article X. At such raeeting, the Board shall preaent estimates of
<br /> � � repair and reconstruc#.ion costs, the amount of insurance proceeds ,
<br /> available, the pro�ected necessity for, and amount if any, or
<br /> - � special assesaments necessary to cover any deficiency in insurance
<br /> proceeds, the projected eale price of the property as is, a�d � ,
<br /> � projected distribution of all funds, including insurance proceeds, ,
<br /> should the ownera choose sale rather than repair and
<br /> reconstruction. In arriving at such fiqures to be presented to the .
<br /> owners, the Board may employ such experts as deemed advisable. � �
<br /> After presantation of all relevant financial information available
<br /> to the Board, the owners of the suites in the affeoted Regime shall
<br /> be required to adopt unanimously cither a plan of repair and
<br /> � reconstruction or a plar� of eale. If such unanimous affirmative
<br /> � 7 ' vote of said owners is nat obtained, the Beard of Administrators of
<br /> � the Association may adopt a plan of sale binding upon all owners.
<br /> Any plan so adopted must subsequently be approvec] in writinq by the
<br /> i � firat mortqagees of r�card as of the date of adoption of the p1an.
<br /> � �
<br /> Sectian 4 Pian of Repair anrl Iteconstruction--Damaqe or
<br /> nE+atruction. ?r� the �vent that a plan of repair and reconstructia�a
<br /> is adopted by t�he ow�ers and subsequently approved by the �2rst
<br /> mortgagees, as abode set forth, the Hoard of Administrators s�:all
<br /> a.....-�,�,;��, nrnraaA tcs �a-pnai r and reconstruct the improvements 8s set
<br /> � .... .. ��.. r------ - - -
<br />- , forth�in Section 2 of Article X.
<br /> ;
<br /> � Qe�*+�� K_ Dlan of Sale--Dama4e of Destructi4n. In the evont
<br /> t +��ar 3 rlan �f sale is adonted bv the owners and subsequently
<br /> � approved by the first mortgagees, as above set forth, or in the
<br /> event that a plan of repair and reconstruction is adopted by the
<br /> � owners but is not adopted by tho required number of first
<br /> �� ' -13-
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<br /> � . � / .� t, � 1. , 1' !� _`__f _
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