82001413 - Laserfiche WebLink

Browse

S~-~ (i{1141 ty as is, and the projected distribution of all funds, including reserves and other funds of the Association, should the owners choose sale rather than remodeling or reconstruction. At the subsequent special meeting of the members, the Board shall present these estimates to the. owners and ttae owners holding a majority in value of the units in this Regime shall adopt either a plan of remodeling or reconstruction, pursuant to Section 7, or a plan of sale pursuant to Section 8 of Article X. Any plan so adapted must subsequently be approved in writing by more than fifty percent (50$?, in number, of the first mortgagees, of record as of the date of adoption of the plan. No such plan shall go into effect until such approval of first mortgagees is obtained. Section ;. Plan of Remodeliny ar F.econstruction -- Obsolescence. In the event that a plan of remodeling ar reconstruc- tion is adapted by the owners and subsequently approved by the first mort~lagees as above set forth, the Baazd of Ad- ministrators shall forthwith proceed to remodel or recon- struct the improvements, applying reserves as set Earth for insurance proceeds in Sectian 2 of Article X, with the same rights as to special assessments as set forth therein. Section 8. Plan of Sale-Obsolescence. In the event that a plan of sale is adopted by the owners and subsequently approved by the first mortgagees, as above set forth., then the Board of Administrators shall forthwith record a nc]tice setting forth such fact or facts, and. upor: the recording ow' such ^atice with the Register of Deeds of Flall County, tiebrc:ska, by the Association's President and Secretary car Assistant Secretary, the entire premises shall be offered ;:or sale and saki by the Association pursuant to the provisions of ;:.his Article, as attorney-in-fact far all :sf the r~wners, r"ree~ and clear -5f the previsions contained in the Master Deed, .~.rticlrs c;" :Incorporation and these By- Laws. `. he ::ands anL reser*aes established and held by the Association. and the proceeds rrom the sale of the entire Regime shall be divided by the ~ssc:ciation according to each owner's interest in the. general common elements, and such divided proceeds shall be paid iota separate accounts, each account representing one oaf the condciminiurn tawnhomes. Each such account shall tse ir. the name of the Association, and shall be further identified by the condominium towni~ome designati~i: and t?°ie naa=.e of the rwner. 'Phe ~_otal funds of each account shall be used asad disbursed, without cantri- but.on tram one account to another, by the Association, as attorney-in-fact, as set forth in Section i2 of Article X. Sectian 9. Cc:ndemnatic~n. In the event of a taking by condemnation or eminent domain of all car part of the common area, the award made shall be paid t<~ the Board of Administrators. Tf owners of the tawnhcmes in the Condominium Propc>.rty P.egime de oat, within si~.ty (6Q) days from the date of the award, unani- mously approve the use of the proceeds fraan the award far use ir, repairing, expanding ar restoring the common area, the Saard of Administrators shall forthwith disburse the net proceeds of the award far the same purpose and in the same order as is provided in Sectian 12 c:f Artie.le X. Section 10. Power of Sale. Zn the event of sale of the entire Regime pursuant to 5ecticn 5 c>r 5cction 8 a: fltticle X, cr upon adoption of ._ 1. ~ -