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<br />B~L"- t; 0 ~ 75$
<br />the Hear!i cg Administrators:ta be sixty-:six an3 two-thirds
<br />per•-ent {50 ;'33i cr more cf: the total replacement cont.. of
<br />tiie bui'•~ing containing the condominium suites in. any Rer~ime,
<br />net i.ncludirq lard, the Beard shall forthwith., within thirty
<br />i~~?; dais c€ the occurrence of said damage err destruction;
<br />call a sae~ial member`s meeting for the purpose of gresentin<;
<br />tc t:ae suite owners the. alternat4ve o~ repair and recan-
<br />structic3n cr sale::, pursuant to Sections ~I or 5 of article X.
<br />At such meeti;:g, the Board shall present estimates: ~f repair
<br />and reconstruction casts., the amount of insurance.proceerls
<br />avaiiab)_e, the pro_ieeted necessity for; and amount if any„
<br />o` special assessT:~er:ts necessary to cover any: deficiency.. in
<br />insurance 'proceeds, the projected sale price or the prcperty
<br />as is, and:pra;;ected distribution'of all; funds, including-
<br />~nsuraaxce proceeds,. should the owners choose sale rather
<br />than'repar and raconstructiran. In arriving at'sueh figures
<br />tea 2se presented to tYte owners, the Board may_ emplc;y such
<br />experi:s as-deemed advisable. After presentation of ~l'i
<br />relevant financial nf~rmatian available to t}:e' $pc~rC, the
<br />owners of the suites in the affeoted Regime shall be re-
<br />e~~~ire+3 to adapt unanimously either a plaa~ of repair: and
<br />re<_onstruction or a elan of sale< If-such unanimous af-
<br />firrcatiue ~~ate of said: owners is net obtained, the'Boardcif:
<br />F,d^~i;.nistrators of the Association'may adapt a plan of eerie
<br />biradnq upon all owners. An~+ plane. so adopted must sabse-
<br />4uent'y be approved in writing by the first martgarees of
<br />reccrd a5 cr the date az aoptia.n r~1 thc~ plan.
<br />Section b. Plan of Repair' and Reoanstruction -- iaama<~e
<br />or Destruction.
<br />In the event that a plan of repair and :reconstruction
<br />is ac:op`ed L•y'•.:heQwnars :end S';ihs<~quc~ntly approved by the.
<br />.first :tortc;a<;ecs, as 11x:ve set :vrtF:, the Berard cf ~'ldminzs-
<br />trutnrs sr.a1~ f<<r.thwith pcCtccc~~3 ,.o repair and reconstruct
<br />tt~e ir.;prgverients as :set fc-rth fir. S<<-tion 2 of'Article X.
<br />Section 5. Flan caf Stele _- tJan~a~e oz llestrdction.
<br />.... the event that a ~~Lan o±" :.aZe is ac: ~ptc.cl by ttie
<br />owners anc3 subsequent _y ~~pp,roved :>y the first mortgagees, as
<br />above set °ort:i, or it: *_ne aver. t. t^:av ~ plan -i>t. repair ~~hd
<br />reconstr:;ctiart ~s adapted by r_ne owners t~Lt is not approved
<br />by the regz:ired number of rst mortgageF=s o.f recordwithin
<br />sixty i~0) days from the adopti~.r. of the plan, :her, the..:
<br />Berard o` Adtnir,istratars s};all forthwith re~~~~rd ,~ nUtic~;
<br />settir:g forth suc:~ fact ar -acts, and upon *_hF~ recorcS~.nc of
<br />such notice •.rith the Register ef. Ueeds of i3ai.l ~o.lr:ty,
<br />~iebraska, by t;te ..ssociatir~n' s F'rt~sidrnt an3 S~~cret~ry rir
<br />Assistant secretary, the ~ntir~a remaining premises u:k1 be
<br />cffeted for sale and sel~' by the t+ssc~clati.on ~SUrsuant: tv the
<br />prc~aisicxs cf this :'article, as attorney-fir.-=act €or ,,ill of
<br />tha sas~ners, _ree and clear ~~: the~pss7viskcna contas:~d in
<br />Che taster weed, the Articles of° 3h~rpc~r~xt:ian ar.« 't.h~~sr ?'.y-
<br />Laws. ': he insurance setti.ement proceeds shall beer ct~l~ec•~-~:
<br />by tha :,ssc:ciaticn, and sue2a proceeds shailbe ~:iivi~e~a t~v
<br />the .'-:ss<~ci.~tirn accardz,nc; trs each aW21er's int~rr,s,_ r *~ ;~,
<br />general comwan el.esnents, sad .such divided prCsc:ee<is s.x~il be
<br />paid into; separate accounts., each suet;: ac~~,ur.r r,r;,:-. ~c,ntn~3
<br />one of the condo;t±ir.iurr suites. F;ach szie_. ac-cctl:. _ shz~ i 1 :~e
<br />z:. ~ie nann_ cf the .',s=ocia ion, <x=;c' shall k:~<- r ~ ,. _r:er
<br />dFntifieci by tr.e ccndor~i^i,::n suiLc 'esc~n +-.~~>; xnc ~ r:e name
<br />of the owner. ~rcra <ac:^. separates account _i,F ,-,s~;c,~~:ton,
<br />as ~ttc~r::ey-in-_acr, sh _ `crthwlth use ;r: c:~1r:>e c.:be
<br />totsi ~rir~u:., o;. teach .~f sucn accounts w 7"_ er'.at ~hxit.p»'
<br />f r!`,~R !.in E dCi't}•'1~f_ to 3nnt.^. £?7: ,. ta"r1c3.Zt~ ta1+~ 7 ,„,. i.~.'~ cam: l i..l.
<br />~~ay;:ent. cf :~x~ :; i.en car any first. dart,ace aa~anst tt.c- c<=nciz,?-
<br />.. ~ -:,_
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