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200409559
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Last modified
10/16/2011 9:20:55 PM
Creation date
10/21/2005 4:34:13 AM
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DEEDS
Inst Number
200409559
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20040955-9. <br />200210181 20p1091' <br />Association, by its President and Secretary or its "other.duly authorized <br />officers or agents, shall have full and complete authorization, right and <br />power.. to make, execute and deliver any contract, deed or any other <br />instrument with respect to the interest of a unit owner which is necessary <br />and appropriate to exercise the powers granted in this Article. Repair and <br />3.` <br />reconstruction of the improvements, as used in the succeeding Sections of <br />this Article means restoring the improvements to 'substantially the same <br />condition in which they existed prior to the damage,' with each unit. and the <br />general and limited common elements having substantially the same vertical <br />and horizontal boundaries as before: <br />Section 2. Damage and Destruction. <br />Any portion of the condominium for-which insurance is required under <br />this Section which is damaged and destroyed shall be repaired or replaced <br />promptly by the Association unless: <br />(1) The condominium is terminated; <br />(2). Repair or replacement would be illegal under any state or <br />local health or safety statute or ordinance; or, <br />(3) Eighty percent (80 %) of the unit owners" including every <br />owner of a unit or assigned limited common element which <br />will not be rebuilt, vote.not to rebuild.: <br />The cost of repair or replacement in excess of. insurance proceeds and <br />reserves is a common expense. <br />If the entire condominium isn't repaired or replaced, <br />(1) The insurance proceeds attributable to the damaged common <br />elements must be used to restore-the . damaged area to a <br />condition compatible with the remainder `of the <br />condominium; <br />(2) The insurance proceeds attributable to units and limited <br />common elements which are not rebuilt must be distributed <br />to the owners of those units and the owners of the units <br />to which those limited common elements were allocated, or <br />to lienholders, as their interests may appear ;. and <br />(3) The remainder of the proceeds must be distributed to all <br />the unit owners, or lienholders, as. their interests may <br />appear, in proportion to the common element. interests of <br />all the units. <br />If the unit owners vote not, to rebuild any .unit, that unit's. allocated <br />interests are automatically reallocated upon. the vote as if the unit had <br />been condemned under Subsection (a) of Section 76 =831, and the Association <br />promptly shall prepare, execute and record.an Amendment to the Declaration <br />reflecting the reallocations. <br />Section 3. 'Condemnation. <br />(a) If .a unit is acquired by eminent domain,, or if a part of <br />a unit is acquired by eminent domain, leaving the: unit <br />owner with a remnant which may .not practically or <br />lawfully be used for any purpose permitted by the Master <br />Deed and Declaration, the award. must compensate the unit <br />owner for his or her unit and its interest; in the common <br />elements, whether or not any common elements are <br />acquired. Upon. acquisition., that unit',s_ allocated <br />interests are automatically reallocated to the remaining <br />units in .proportion to the respective allocated'. interest <br />of those units .before the taking, and" the Association <br />shall.promptly prepare, execute, and.record an Amendment <br />to the Master. Deed and Declaration .reflecting the <br />reallocations. Any remnant of a unit remaining after <br />part of a unit is taken under, this Subsection is <br />thereafter a.common element. <br />(b) Except as provided in Subsection (a) of this Section,-.if <br />part of a unit is acquired by, eminent domain, the award. <br />•: 13 <br />
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