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f32'-" ~tu1413 Section 5. Plan of Sale -- Dama4e or Destruction. In tl:e event that a plan of sale is adopted by the owners and subsequently approved by the first mortgagees, as above set forth, or in the event that a plan of repair and reconstruction is adopted by the owners but is not approved by the required number of first mortgagees of record within sixty (60) days from the: adoption of the plan, then the Board of Administrators shall forthwith record a notice setting forth such fact or facts, and upon the recording of such notice with the Register of Deeds of Hall County, Nebraska, by the Association's President and Secretary or Assistant Secretary, the entire remaining premises shall be offered far sale and sold by the Association pursuant to the provisions of this Article, as attorney-in-fact for all of the owners, free and clear of the provisions contained in the Master Deed, the Articles of Incorporation and these By- laws. The insurance settlement proceeds shall be collected by the Association, and such proceeds shall be divided by the Associaticn according to each owner's interest in the general commaiz elements, and such divided proceeds shall be paid into separate accounts, each such account representing one of the condominium townhomes. teach such account shall be in the name of the Association, and shall be further i- dentified vy the condominium townhome designation and the name of the owner. Prom each separate account, the Associ- ation, as attorney-in-fact, shall forthwith use and disburse the total amount of each of such accounts, without eontri- butior. from one account *_a another, toward the partial ar full payment of the lien of any first mortgage against the condominium townhome represented by such separate account, Thereafter, each such account shall be supplemented by the apportioned amount cf the proceeds obtained from the sale of the entire property and any available funds of the Associ- ation, Such apportionment shall be based upon each condo- minium townhome cr.arer's interest in the general common elements. The total funds e.f each account shall be used and disbursed, without contributi:~n frnm one account to another, by the Association, as attorney-in-fact, as sat forth in Section 12 of Article X. Section 6. Obsolescence cif Buildi:.c~s. upon request of the Board of Administrators c:r upon receipt of a written request siclned by owners holding a majc?rity of the total basic value of the Condominium Proper- ty Regime, the Secretary shall, pursuant to the provisions of Article II, issue notice of a special members' meeting to consider the question of obsolescence of the condominium buildings. At such meeting, owners holding seventy-five percent (?5~) or more of the total basic value of the Condo- minium Property Regime, voting in person cr by proxy, may agree t1'sat the condominium buildings are obsolete. In the event that the owners agree that the buildings are obsolete, the Secretary shall forth=.ith issue notice o~ a special meeting of the members to be held sixty (60) days from the date of the members' meeting at which the owners agreed upon the obsollescence of the buildings. During this sixty (50) day period, the Beard shall make such studies, with the aid of such experts as deemed advisable by the Board, as are necessary to present estimates as to the costs of remc.delirg cr reconstructing the buildings, the amount of reserves therefor accrued by the Association to date and the amount, if any, of special assessments necessary to cover any defi- ciency between available reserves and remodeling or re- construction expense, the projected sale price of the proper- -17-