200807402 - Laserfiche WebLink

Browse

200807402 for any purpose permitted by this Declaration, the Unit Owner thereof automatically shall cease to be a Unit Owner, shall cease to hold any right, title, or interest in the remaining Limited Common Elements or Common Elements, and shall execute any and all documents necessary to accomplish the same. 32. Destruction. Any damage to the Condominium caused by fire or other casualty shall be promptly repaired or replaced by the Association, unless (1) the Condominium is terminated, (2) repair or replacement would be illegal under any state or local health or safety statute or ordinance, or (3) one hundred percent (100%) of the Allocated Interests decide not to rebuild. The cost of repair or replacement in excess ofinsurance proceeds and reserves shall be an expense allocated to the Unit Owners of the damaged Units and the Unit Owners to which the damaged Limited Common Elements are allocated. If the entire Condominium is not repaired or replaced, (1) the insurance proceeds attributable to the damaged Common Elements must be used to restore the damaged area to a condition compatible with the remainder of the Condominium, (2) the insurance proceeds attributable to Units and Limited Common Elements which are not rebuilt must be distributed to the Unit Owners of those Units and the Unit Owners of the Units to which those Limited Common Elements were assigned, or the lienholders, as their interests may appear, and (3) the remainder of the proceeds must be distributed to all the Unit Owners or lienholders, as their interests may appear, in proportion to the Allocated Interests of all the Units. 33. Development Rights and Special Declarant Rights. This Condominium is not subject to any development rights to add units or real estate and no power is reserved by Declarant to add such units or real estate, or make the Condominium part of a larger condominium, group of condominiums or other real estate. 34. Registration bv Owner of Mailing Address. Each Unit Owner shall register its mailing address with the Association, and except for montWy statements and other routine notices, and other notices or demands intended to be served upon a Unit Owner shall be sent by either registered or certified mail, postage prepaid and addressed in the name of the Unit Owner at such registered mailing address. All notices, demands or other notices intended to be served upon the Association shall, be sent by certified mail, postage prepaid to the President of the Association at the principal place of business thereof and to the registered agent of the Association at the registered office thereof. 35. Amendment to Declaration. a. Procedure. Except as provided by ~76-854 of the Act and this Declaration, this Declaration may be amended only by vote or agreement of Unit Owners owning at least ninety percent (90%) of the Allocated Interests. If a vote is taken at an Association meeting, notice of the subject matter of a proposed amendment shall be included in the notice of any meeting at which a proposed amendment is considered. Resolutions for the adoption of a proposed amendment may be proposed by either the Board or by any Unit Owner. No such amendment shall be effective unless the same has been approved in writing by the lenders to the Unit Owners at the time of -17-