|
`� .. ,��„_
<br /> . . .o,�
<br /> �' � �K,�i Y�f7�. , .`�°`
<br /> (.���4r.1.•v
<br /> i �
<br /> .. ,, .. . ��,., .. . . _ .... '-----'-- .,t!'n�i_ " , --
<br /> .�.. ..n.. .. . ,.. ... . .
<br /> . .
<br /> 1�_...__ i__�._..................... .. . .. .. ._.._.�.........____ .__. ... .. ...... ...._. .
<br /> . I' ' . -
<br /> . �
<br /> • �i
<br /> • . � ���.�..-� ���'��`�x°oD �'�
<br /> t rp�..
<br />- ��� �• AA'Y'ICLE X. DEBTItUC`1'IO2i, DANL�IGE OI2 O�DBOL�BCENT �
<br /> � A�SOCTATIOIV AF ATTORNL'Y-IN-FACT --—
<br /> ,. � =�aui
<br /> � ' �oatian_.�.,. Aseaaia� on Attorney�in�F�rt. Tl�e�e By-Laws, aa a ;��.
<br /> ., PflL"� oR �;Ilt� �L°SO�e�' l�E1'ETfA� !'loLr'��j Mt!it�� F!1f�1'lt�Pi���'�' Hfllil �ICK'��IA9H��e ��t9
<br /> appr�intment o� tt►e AeBOaiation as att�rney-in-taat to deal �►i�th the �
<br /> prapo��y and d�e�rua�ion, obsalescence, repaix, aonstruation�
<br /> „ improvement and maintenanae, a71 aaaox�ding to the provisions oP �
<br /> this Article X. Title to any condor.�ir�iu�m suito ie dealarscl and , �, �
<br /> expreoely mado suD�jeat to the terms and aonditfons hereof, axid '
<br /> aaaeptanae bar an�{ grantee of a deed or other inatrvment oF n
<br /> aanveyanee from the Developer or from any ownor ae grAntox Ahall �
<br /> aonstituto and appoint the Associa�ion his �rue and lawful attorney , '
<br /> ' in hie name, place and stead for the purposa oP dealing with fi.k�a . � '
<br /> ..��,:;;r;: ,�
<br /> propertiy upon its damage or de��ruation or obaolescenae ac� i� ,.'re
<br /> hereinafter provided. As attorney-in-fact, the Association, by its , . ,,:�,, ��
<br /> Fr�sident and Secretary or Assistant secretary or its other duly
<br /> �uthorized o�ficers or age�ts, 9hal? have fu�l and co�aplete ...,�.n-.,�,�,
<br /> authorizati.on, right and power to make, execute and deliver any ..
<br /> contract, deed ox any othar instrument with respeat to the interest ��'�":'�
<br /> of a suite owner whioh is neaBSSary and appropriate to axe�aise tho ��.x_`".�'�;�
<br /> powers granted in this Article. R�pair and reconstruation oF t�he � �
<br /> improvements, aE uesd in the suaceeding Sect3.ons of this Artiale ��,�'�
<br /> means restoring the improvements to substan��ally the same ' '_?��x:��;�
<br /> aondition in which thsy existed prior to the da�onaqe, with eaah ,��ri���
<br /> suite and the general and li�tited commcn elemente having '�'���
<br /> subatantially the same vertical and horizontal boundaries as .'��'�
<br /> before. `,'„�;
<br /> �'' •--
<br /> � �ection ?., ]oamage and DBStxuation--Repai.r and Reconstruation +��
<br /> Man tda orv• In the evar�t of any damac�e or destruation due to f�.rs �' '�
<br /> ��
<br /> ox other disaster, which damagQ or deatruation is determined by tlie �+,
<br /> Board of Adminiatrators to be less than 66 2/3� of the total `�;.
<br /> replaaement c�st� not including land, of the buildinq con�aining '� �!:
<br /> the condominium auitea 3n any Regime, suah damage or destruation � "„; ��
<br /> shall be promptly repaired and reconstructed by the Association as � ��� ' � .
<br /> � att�rney-in-Fact, and the Association shall have full authority �to { - ' ±
<br /> deal with insurance procQeds in such repair and reaonstruction. •- ': _�
<br /> ./ ;��
<br /> In the event that insurance proceeds are insufficient tn '' � �
<br /> repair and reaonetruct ttie improvements, the Association shall levy
<br /> a speaial assesement to provide an amount suf�icient to aoncluat .,�';,�*��
<br /> � said repair and reconstruction along with tnsuranae procaeds. Such , . !��a,�
<br /> assessment sha11 be levied and collected �iccording to Section 5 of : % " _ '
<br /> Article V. � `�
<br /> r �
<br /> , ti
<br /> Section 3, pamacte or Destruction--Ret�aiz and Raconstruction ' 4 �� �
<br /> Optional. In the evont of damage oz� dostruction due to fire or � �'
<br /> I u �.�
<br /> other disaster, which damage or destruction ia determined by the I ���A�Y�
<br /> Board of Administrators to be 66 2/3� ar more of the total � ' k.. , � �
<br /> , replacement cest of the building contain�tng the condominium suites ' �� .�
<br /> in any Regi�u�, not including land, the Board shall forthwit.�, �;, �:
<br /> within 30 days of the occurrance of said damage or dest�uction, :,�
<br /> call a special mamba��s meet3ng for the purpos� of prasanting to
<br /> the suite owners tho alternative of repair and recon�truction or . ���,
<br /> ealo, pur�uant �o Sections 4 or 5 og Articlo X. At such meeting,
<br /> the Board sha11 present Qstimates of repair and reconstruction �
<br /> costs, the amount of insurance proaeeds available, the projeated TI
<br /> nocessity for, and amount �f any, or special a�sessments necessary
<br /> to covc�r any deficiency in ineuranco proceeds, the projected sale � j
<br /> price of tha property as is , and projected distribution of all {�
<br /> �unds, including insurance proceeds, should the owners choose sale
<br /> rather than r�pair and reconstruction. zn arriving at such figures i_�
<br /> - - _- .,,
<br /> - - - to �e proaented �o the ownors, the Board may employ such axperts as
<br /> deemed advisable. Aftar pressntatian of all relevant ginancial �
<br /> information available to the Hoard, the owners of the auites in the
<br /> affected Regime ahall be required to adopt unanimously either a �,
<br /> plsn of repair and recona�ruc�ion ar a pla� af sale. Yf aucP� !
<br /> • , unanimous aff iriaative vote of said owners is not obtained, the
<br /> " Board of Administrators o� th� Association may adopt a plan of sale �
<br /> � -12-
<br /> , �
<br /> I
<br /> � '
<br /> � ....�...�..�... -
<br />
|