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<br /> '-----._..._.:_...: 7�g�b of Il�+ini4t��tor�, �an olvl�r+ottee to�Quie�oNner of a defaulL 1�peYite��aatsu�entt or
<br /> �" otfier detautt, shetl ecnd s eopy of sueh oottee to�dch hotder ot e mortae�a covartrsa aush eutte efi�se r�we and 61;., ,_„_y.__„r,,,,,,
<br /> ,' addre�e h�s theretotor�bxn furniaAed to the Bard of Adninist�ocora.
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<br /> Each suito oxne� aed ezeh mortgegoe of e suite s�t�be�e thnn�onc ov�ery th�t3)emm►ths�hout ���'�u��-,.
<br /> '.4:��Ar�s,�__. �..'�_
<br /> the Assoaiation st a reesonable ttme, on bustnose deYs. � —u;.
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<br /> ART1Cd@ X. DBSTRUCTlOiI, DAN114H OR OBSOLE8CENT ,:;�as�f;_
<br /> : ,t,::••
<br /> ASSOLIATI011 AS ATTORN2T•IN•FACT •: �.�:�'?%�� ;,.
<br /> ,: - it•
<br /> ,..:, . ,--
<br /> S¢cRion 1 AasoziaQionJ�tttoPr�efr-in-ffact, ;',. -
<br /> These By-4aus, es e gart of 4he Naster Oeed, heee4sy msde u�asr�atorY ertd irruvxubte the oppointment of ,�.."'. ;,
<br /> 8ho Assoeietion as etto�nevi�-faet to deal with tAe prcysrtY a� �$�t�0�� �olescense, repeir, ,:,t..,.. . _
<br /> �+��truetion. improvement and r�aint�e• aU accordi� to tho proviaieais of this Aeticle x. Title to eny . : _
<br /> aonoa�infun suitm is deelared and expresaly mede s+t�ject to the terr.s end ecr�tti�s A¢reof, and eceeptence by ti ,,-,�'+,,,
<br /> ,`l�� ..•�
<br /> ' etry grantee o4 e deed or other tn.atrument of earneyanee fram the O�velc�ar o� iram en1►axner as erantor ehall � ___
<br /> " constitute end eppoint th'Asaociat ton his�t9 0'�tnxtion or��otesee�e as�1s herofrtsft�er�providd.r� , :..��_-;.-�_-
<br /> of deotie� with the prope tl►upon ='
<br /> ettorneyin-fact, the Asaoe9atton, bY its Preaident and Secretary ar Assistant SFeretery or its otAer e9�aly �,��,,�•.��_�
<br /> suthorized offieers or egents,shall have full and eonptete authori:ation, right ao�pm�er to make, exeeute ered „ , �-�,..-•.
<br /> deed or an othe� iretnnrent with respect to the int�re�z of a euite owner wfiich is ,. . �'�';�?�.;:
<br /> deliver any eontraet, Y .
<br /> � rxcesyery and eppropriate to exercise the poners granted in this Artiele. R�iair and reeonstruction o4 the � � ,:;
<br /> ,f i�proye�ta, as used in the succeedfi�e9 Sections of tMis A�tiete means castoring the i�rovanar�ts to � ;�p�,��-.�,:.;,,
<br /> s�stantially the eatne cadition in whic3� theY existed prior to the du�e. w9Yh each suite and the generat and �. , ,.;.-
<br /> Sfnited eanna►elemants having aubstant9ally the seme vertieel and horizcntaG Q�oemderies es beto�e. ��..,'�s:.,;''
<br /> .. . �"�Y�r�_
<br /> � e rt�n x Demaae and QesY�uetla„� Reaair and Re�'^^a•ruetio�qandeto�v. +'j�'
<br /> In the arent o4 any damaee or deatruction due to fire or other d{saster, ►.i►ich daa►�8e or destruction ,__
<br /> is determined by tAe Board of Adninistrators to leas than sixty-six end two-thirds pereent (66 2/3%) of the " �, -a•-�
<br /> totel replecement co§t, rtat iraelud9� lored, of the building eontaini�g the condominium auites in the Regimes, ,•��;yy�';'
<br /> � 3....• �;;Y:
<br /> '•Py, 1 au8 'da�a6$ar c:�tructi^-r s�+"�� �prm,cttY repeired and reconstructed by the Assaciatian ea attore�ey-i�•fact, �J,��;,
<br /> .ir:,.; and the Association shalt hane fult a�tfiority to deal with fnsurance prxeeds in��ct,repatr arod teeansir+r_�tf�!+• '
<br /> 4. .'� , ' ,
<br /> , ;":,� ln the event that insu�ance �xxeeds are insu4rieient to repeir and reconstruet the i�rovemer►ts, ahe
<br /> � '�',�i� �';� Assatation aheU levy a speciat assessment to provide en emount sufficient to conduet said repeir pnd �� �r �y .
<br /> reeonstruetion alon8 with inaurance proceeds. Sue� assesame�t s4�att be levied �nd eotlected aeeording co '��,. %:�;"
<br /> :`:� Seetion S ot Article Y. •!.�i�,����k�`�.
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<br /> • - . . ,�eetlon 3 Oamage or Oestruction -- Renei� and Reco�str►xtion Antional. t4t ,tirv,.l..;)��
<br /> ...�J,JI�Y. . L:.1 '
<br /> I� the event of damage or destruction dus io fire or other disaster, am ieh demage or d�atruetion fs �, ,��'"
<br /> detetmined by the Boerd of Adninistrators to be sixty-six and tuo-thirds percent (66 2/3%)or more of the total ,/;�'
<br /> replacement cost of the building eo�taining the co�dominiun suites in the Regine. not includin9 �and, the Boerd „ ;fi
<br /> shall forthwith, within thirty (30) days of the occurrence of said damage or destruetion, call a epecial 1„ .
<br /> q�rber's meeting for the purpose of presenting to the suite owners the alternative of repair and reeaistruction ; ' ,y f�
<br /> or eale, pursuant to Seeticr�s 4 or 5 of Article X. At such meeting, the Boerd shaAS preseni estimates of repeir _
<br /> and reconatnution coats, the emount of i�urence proceeds availebLe, the projecsed eecessity fo�,and etnamt I ,�t,�t�•; ';Y �
<br /> if any,or speciel assessmen2s necessary to cover any deficiency in insurance proceeds, the projected sele price i .
<br /> of the property as is, and projected distribution of al l funds, i�cluding insurance praeeds, should the owners '�'.;;�''.�✓�`��
<br /> ehoose sele rather that repeir and reconstruetion. In arriving at sueh figures to be presented to the owners. .5.,�,.," ', ,
<br /> the Board meY�P�oY 8uch experts as deemed advisable. After presentation of all relevant finaneial i�formation
<br /> evailable to the Boerd, the owners of ¢e�e suites in the Regime shell be required to adopt unanimouslY eithe� :,'� ii,.�
<br /> a plan of repair and recanss�uctio� or a ptan of sole. If such unanimous affirmative vote of snie`i�rfrgs `, ' }7'14r`i�� .
<br /> not obteined, the Board ef Adninistrators of tfie As�ociation maY adopt a plan of sele bindin9�po , ���:'.'
<br /> Any plan eo edopted must s�sbsequently be epproved in writing by tfie first morigagees of record as of the Cate •? rs•;��'
<br /> I of edoption of the plan• .�,•
<br /> :;�1!,
<br /> Sectio�4 Ptan of Rettai� and Reconscruction -• Damaae ot Oestruction. .
<br /> ',;""' In the event that A plan of repeir and reeonstruciion is adopted bY the oxners arxi subsequenclY approved
<br /> }•�' r�ectonstrucittherimprovemeRts es set forthhintSecticn 2�otAAtieler%tors shal� �arthwith prxeed to repBir anci ,
<br /> ,;
<br /> � Section S PQan ot Sate -- Damaae or C�struction.
<br /> tn the event that a ptan of sale is adopted br the crr.ars and subsequently approved by the first
<br /> � mortgagees, es atsove set Farth, or in the event c:^a2 a�L;D�ft�g�Of �or3 drthi�sixty <bD�ys frai^the .
<br /> � ¢urters but is rtot apprav¢si GY ihe required�urber o�
<br /> � adoption of tRe p4an, tRem the Board of Administrators snall fc-Cr.wTtff record a notice setting forth such fact ,
<br /> � or facts, a� �� the recording of such r.otice Kith the Off;ce sf the Register of Oeeds of xalt Camty,
<br /> � Nebraskc, 4oy CHe Assotiatfon's Presi�rtt and Secretary or Ass�yta�t Setretary, the erttire rc�+naint�g premises
<br /> sNel! Be offered for se[e ard sold by tAe Asseciation pursuan4 to cne provisions of this Areicle,as atcorney
<br /> in-fatt fa�all of the ca+�ers, free and clear of tRe provisions contained �n the Mast�r DQed, the Articles of .
<br /> Ineorporation and Ehesrz&y-taws. The iruuranee settler..ent proceeds shall �e collected by the Assaiation, and
<br /> 8ueh proteeds shall L3e divided by the Assoe9ation aeeording to each ocmer s rnteresi in the generel ca�.u-art
<br /> ele�nents, ard such divided Proceeds shatl be Pa��'Tintbo ien theenatne oftthe Associationc end shallsbe turther
<br /> i ot tne caadanin9��.,3.es. �..... • ----- -
<br /> identified by the condominiun suite designation and the neme of ihe o�ne�. Fran eacn separaLe accamc, ine
<br /> pssociation, as attorney-i�•fact, shall forthwith u:ts and disburse the total amqunt of each of such accoun�st
<br /> without tontribution f�an one account to another, toward the partial or full payment of the lfen of am
<br /> mortgage egeinst the condami�iun suite representad by such separate eceount. Thereafter, eaeh such account
<br /> shetl pe s�plementec! by the apportioned amou�t of ihe proceeds obtained fran the sale of the enttre p�operty
<br /> and arry availeble ftads of the Assaiation. Such apportiorment shall be based upon each condauiniun suite
<br /> pxner's interest in the 9enerat eamwn elements. The total f�ds of each acco�u+t shalt be used ard disbursed,
<br /> 1 without contribution from one acco�mt to anoiher, by the Association, as attorney-in•fact, as set forth in
<br /> Section 8 of Article z.
<br /> Section 6. Condertnation.
<br /> in the event of a taking by condemnation or eminent damain of all or part of the tannon area, the award
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<br /> � EXHIBIT "A" 8 of 10
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