|
-'. -- ^- . , ,.:, i.. , �`l�i:� r . �f ,�t �r ,` i ���� �di+� ��`( v.2� 1 4�y�.,.'`' �M. ' . . ' ,.'�..°�"�r �ft'��1'y�i�i��l4��13�'.�.,
<br /> . r.j U}• . (I-1� .L �. f , 1 '' ��"� ,�• 4�vf t�:l 1 1)V4�\ . .., i����'�� :3j.lYWi�,.
<br /> .'1 - - Xs.Y f ,i� � ^ ir1 '�..1.~►� Y �5 —
<br /> � _ p ';,a� i�j. -� �� • . . r�F*,�1�.•`4�•Q's�• -„'_ i�.' .. .. ..,�C ��r:
<br /> . ' � d/'%t il�� . ;Y, .. . . �.� . �.�.�Ml(�� `��}� �•' t �:w• . .rv e:� . ...�•
<br /> - � . ' lFOr :�i :°.`•..I'�••r•�: ��,. ��. .{5,�.' �, • �,.
<br /> 1 ..7.. �n�? ��wu}v.� � ' � ,RV%dvp - —.
<br /> ..�+ �_ , ��.
<br /> � „I . ' . .�. .W !�1 •L.;R'.���� •�' '_:- . _
<br /> _ ' ' r� ���..,,�. .,, .
<br /> 4 �. ` ...,.�...`.�...�.w'�n� � � . ' _ _..-
<br /> i f�. - - -----_._�..� ---- ..1.:�,,_,;iw�;•�%r'_-
<br /> ' Y`'.�..�.'�_ • --- -� - -� ~—��_;, _=---c�.
<br /> ,���•'.�.�:`aT'Y�{' �'_"'__.
<br /> I . �- ..�� �. � . . 91-�.1)8529 �
<br /> '��•�-.�� •- mortgagees of reaord within 60 days from the ad�option of the plan, -
<br /> = ; -.�::,. , _. .��---
<br /> , ESa;."-.�.:�
<br /> ' '""" then the Soard of Administrators shall Porthwith reoord a notiae *t,�-:-----
<br /> �W „ settinq Porth auah faa� cr faats, and upon the reao�ding of suah �'-
<br /> - -. :.�:�;.;:�,�,��..�
<br /> notice with the OfPiae of the Register of Deede oE Hall County, . _:. �...,��_--
<br /> � � .�: ,:,�,-
<br /> � � . � Nebra�ka, by the Aeaociation's President and �earetary or Aesistant � .�
<br /> • Secretary, the entire remaining premisee shall be oPfered for sale � � ���:r';`
<br /> �� and sold by the Assoaiation pursuant to the provisions of this � ,.,:;;,;�;�.�:
<br /> ►, � � Artials, as attorney-in-faat for all of the owners, frae and alear � ' �
<br /> � � • { of the provisiona contained in the Master Deed, the Artialcs of �
<br /> Incorporation ancl these By-Laws. The insurance settlement proceeds
<br /> • shall be collected by the �ssociation, and such proceeds shall be i - :-+--
<br /> �. divided by fi.he Association ���ard3ng to each owner�s intereat in i
<br /> �. th� general comraon elemants, and swch divided praceeds ehall be � .
<br /> , ,�; paic� into separate a��counts, each su�fi� aacount reprea�enting one of ;;, , .
<br /> � the ��ndominium suites. Eaah such a�caunt shall be in the name of 4,:� ; �:�
<br /> ' �4' �'''" the Associati�on, and ahali be further identified by the condominium , , .:�;:�,»�,_
<br /> � r,;� ., . ,
<br /> #,.:,,;��5�• $ufte deaign�'tion and the names of the owner. From each separate .�. �.,,..-�
<br /> ;,,,�,, , ;<<_y,� , �1Y''�_-=
<br /> • ,. account, the Asaociation, as attorne�-in-fact, shall forthwith use :.�.�.��::��.__.,�_-_
<br /> "``t�� ., and digburse the total amount of eaah of suah aacounts, without �'���,�:��'° �.�;��
<br /> 3.,,�'�:�..� towraxd the partial or ; � ��-
<br /> � � ,;s contribution from one acaount to another, . � • . ��.
<br /> iti��� :� . full payment of the lisn of any first mortgage against the . � � ..A��,
<br /> condominiwn suite represented by such separate ac�ount. . -��,._,
<br /> i Thereafter, eaah suah aaa�ua�t ehall be supplemented b� the �,.� : y�
<br /> � a ortioned amount of the roceeda obtained from the sale of the � 1 _
<br /> • ;,, • � ntire property and any available gunda of the Association. Suah �
<br /> '� r ;�<�,:
<br /> apportionment shall be based upon each aondominium suite owner�s :,�
<br /> � �' � interest in the general caaaman elemente. The total funds of each
<br /> � ���.� account ahall be usecl and disbur�ed, without contributiora from one t.,�
<br /> � aacounL zo anather, by thc A°soclation, �$ ettorney-ir�-faat, as set ��' ':�
<br /> � ��� � , forth in Section 8 of Article X. � �
<br /> , ��. � � .
<br /> � �� ! Q��}��n 6. Condemnat on. In the even� of a taking by ,
<br /> ' condemnation or eminent domain of all or part of tha conumon area,
<br /> � '�. � the award made shall be paid to i.lYe Board of Admini3trators. If � .
<br /> ' �� „_ ownere of the suites in the Condominium Property Reqime do not,
<br /> � within 60 days f.rom the date of the award, unanimously approve the
<br /> use of the proceeds from the award for use in repairing, expanding �
<br /> or restoring the common area, the Board of Administrators shall
<br /> forthwith disburse the net proceeds of the award for the same
<br /> �, purpose and in the same order as is provided in 5ection 8 of
<br /> • Artiale X. ' • ,
<br /> � ` !�^*jon 7 Power of Saie. In the event of sale of the entire
<br /> � Rer�ime pursuant to Section 5 of Article X, or upon adoption of such
<br /> a plan upon termination of the Condominium Property Regime pursuant �
<br /> to Ssction 1 of Article XI, or otherwise, the Associa�ian shall
<br /> ltave all the powers set forth in Article X in dea].ing with a
<br /> , purchaser or purchasers as attorney-in-fact.
<br /> , ;� ; CF+�`�'i Ori 8. Ap�lication Proce s. Proceeds received as set .
<br /> t�; � forth in the preceding Sections and as applicable to each suite
<br /> � ,.� � shall be used and disbursed by the Associa�ion as attorney-in-fact,
<br /> :�; � 3n the following order:
<br /> I (a) For payment of taxes and special assessments, liens in
<br /> favor of any assessing entity and the customary expense
<br /> of sale;
<br /> �:.�} �
<br /> (b) For payment of the balance of t3�e line of any first
<br /> mortgage;
<br /> s
<br /> ' (c) For payment of unpaid as�essmentE and a13 coets, expensea
<br /> _� �__.. :.......-,-ea }.., ths+ Aaaociatiol]:
<br /> _ ti�l�a �t�:CO i���.r�rr��w w� ...�.� ____ _ .
<br /> � (d) For payment of junior liens and encumbrances in the order
<br /> � of and to the extent of their priority; and
<br /> I
<br /> ; (e) The balance remaininq, if any, sna11 be paid to the
<br /> , condominic�m suite owner.
<br /> t ' -14-
<br /> 1
<br /> �,
<br /> ,
<br /> ' I
<br /> ! . , _
<br /> l. t ►, � l� , i /� '
<br />
|