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<br />83- LJu2537
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<br />Section.t. Plan of Repair .and Reconstruction - Dalll<\<1l!' or Destruction.
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<br />In thl!' event that a plan of repair and reconstruction is adopted.~ theOWl'll!'r.
<br />and subllequently approved by the first mortgagees, as above set forth, the BOard
<br />of MIIIinistrators shall forthwith proceed to repair and reconlJtruct the iq)rove-
<br />..nts as set forth in Section 2.ofArticle X.
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<br />Sect:1on!i. plan of Sale - Damaqe or Destruction.
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<br />In till!' event that a plan of sale is adopted by the owners and subsequ4!'ntly
<br />aPproved ~ the first mortgagees, as above set forth, or in the event that a plan
<br />01< repair and reconstruction is adopted by the owners but is not approved. by the
<br />requiNro nUlllbf!r of first mortgagees of record within sixty (60) days fro_the \'
<br />adoption of the plan, then the Board of Administr<tdlrs shall forthwith record a
<br />nottCl!' setting forth such fact or facts, and upon thl!' recording of such notice
<br />wIth u. Rl!9ister of Deeds of Hall County, Nebraska, ~ the Association'.
<br />President and 54!'cretary or Assistant Sl!'cretary, the entire remaining pre_lses shall
<br />be offered for sale and sold ~ the Association pursuant to the provisions of
<br />this Article, as attorney-in-fact for all of the owners, free and clear of the
<br />provisions contained in the Master Deed, the ArtiCles of Incorporation and these
<br />By-r-&. The insurance settlelllt'nt procel!'ds shall be collected by the Assoctatl.on,
<br />..4 sucll 'proce4!'ds sha 11 be d ill ide<! by the Assce iatlon accordi ng to each owner's
<br />interest in the general common elements, and such divided proceeds shall be paid
<br />into separate accounts, each such account representing one of the condominium
<br />suites or garages. Each such account shall be in the name of the Association, and
<br />an-ll be further identified by the condominium suite or garage designation and
<br />the name of thl!' owner. From each separate account, the Association, as attorney-
<br />in-fact. shall forthwith use and disburae the total amount of each of such ac~ounts,
<br />without contribution from one account to another, toward the partial or full
<br />payment of the lien of any first mortgage against the condominium suite or garaql!'
<br />represented by such separate account. Thereafter, each such account shall be
<br />supplemented by the apportioned amount of the proceeds obtained from the sale of
<br />tile entire property and any available funds of the Association. Such apportion-
<br />ment shall be baseo upon each condominium suite or garage owner's intereat in
<br />the general common t'lements. The total funds of pach account shall be used and
<br />dilsbursed, without contribution from on.. account to another, by the Association,
<br />.a attorney-tn-Cact, as set forth in Section 12 of Article X.
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<br />s.ction 6. Obeolescence of BuiidJ.!!Sl~,-
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<br />Upon request of the Board of Administrators or upon receipt of a written request
<br />signed by owners holdi nq a ll\lIjori ty of the toal bailie value of the Condominium
<br />Property Regime, the Secretary shall, pursuant to the provisions of Article II,
<br />i8IUe notice of a special member's meeting to consider the question of obsolescence
<br />of the condOlllinium buildings. As such _Hng, owners holding eighty percent (80')
<br />or lllOre of the total basic value of the Condollliniulll Property Reg ime, voting in
<br />~son or by proxy, may agree that the condominium buildings are obaolete. In the
<br />event that the owners agree that the buildings are obsolete, the Secretary shall
<br />~rthwith issut notict of a special ",,""\ng of the,_lIIbers to be held sixty (60)
<br />days fcOll the date of the member's .,~..!tinq at which the owners aqre4!'d upon the
<br />ObiIoll!llCence of the buildings. Pun,,') this sixty (UI day pu iad, the Board
<br />a.t.ll ..... $Uch studies, wi t,h the aid of such experts deemed advisable by the
<br />~r4, .. are necessary to present t'stimates as to the costs of remodeling or
<br />reconstructing the buildings, the amount of reserves therefor accrued by the
<br />Aeeoelation to date and the alllOUnt:, if any, of special assessmenU necea84ry to
<br />COVer any defiCiency between available reserves and remodeling or reconstruction
<br />e~se. the projected sale price of the property as is, and the projected distri-
<br />b\tt,iCft of ul funds, including re"rves and other funds of the Association, should
<br />~ Owp<<ra clloose sale rather than remodeling or reconstr~tion. At the subsequent
<br />8ptCial-.eting of the membera. the Bo.rd shall present these estillllltes to tile
<br />QlftWr- en4 the OIlmen holding a _jority in value of the units in this Regille
<br />~l.teither a plan of re!llQdeli.nq or reconstruction. pursuant to Section 7,
<br />~, ..p;lAftl)f ..Ie puuuaot to Section 8 of Article x. Any plan so adopted lII\Ist
<br />~~_tlV be ._oved in vriti"9 by lllOJ:e than fifty percent (SOt), in nulllber,
<br />~.' ~.Ur.t;. 1IIIO!'l:q.llilJeea. of record.. of the date of adoption of the plan. No
<br />~. 'Pl. llball go into effect until such approval of first lIlOrlJaqees h obtained.
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