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<br /> 80-
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<br /> ci:: ri:.j t,i(7) cf al.l funds, inci.uding insurance prcceeds, should the owners
<br /> c`•,(,o e sL,-1c ra`';(,r than repair and reconstruction. In arriving at such
<br /> facture`: t^ 1:~e pre- ----nt d to the owners, the Board may employ Such experts
<br /> s aeemt=: arY~r,a")Ie. After presentation of ail. relevant financial
<br /> in.ormnatiOn aVailaOle to the Board, the owners shall be required to adopt
<br /> either a r.an of repair and reconstruction or a plan of sale. The aff.irma-
<br /> vote of owners holding sevenive percent. (75%) in value of the
<br /> suite S or garaees in this Regime shall be necessary to approve a plan of
<br /> rFMpair and reconstruction. If such percentage affirmative vote is not
<br /> o ;taineu, the c.)wne r s holding a majority in value may adopt a plan of safe
<br /> t7lz:`?yn0 upon a l owners. Any plan so adopted must subsequently be
<br /> approved in writing more than fifty percent (50%) in number, of the
<br /> first mortCace'e5 of record as of the date of adoption of the plait.
<br /> sec`;c A Dian of Tepair and Reconstruction Damaae or Destruction.
<br /> in the evc_nL that a elan of repair and reconstruction is adopted
<br /> ~.i•. the Cv.'nE L an,, 1.:t;equ - .tly approved by, the f lrst mo,: L`gageeS, as -boVf'
<br /> se` -F~oaz-d of A3ministratois shall forthwith proceed to /r,epGa
<br /> gRr
<br /> r{Cc7!s -!UCt -'he 1mprovG.~tlE:nts as .yet forth in Section 2 o, t~rtl4l[ X.
<br /> =Pct ion a Plan of Scale - Damac:e or Destruct-ion.
<br /> In the event- that a plan of sale is adopted by the owners and
<br /> sa`:.,,F>;__uc:.ntl';r C.:l:,)rovFd by the first mortgagees, as above set forte`,, or in
<br /> *..hFr event that a plan of repair and reconstruction is adopted by the
<br /> o,,:ners but iw, not approve(] by the required number of first mortgagees of
<br /> record wit:-hie: :sixty (d0) days from the adoption of the plan, then the
<br /> Board o'_' Administrators shall forthwith record a notice setting forth such
<br /> fact or facts, and upon the recording of such notice with the Register of
<br /> i)reds of Mall County, Nebraska, by the Association's President and
<br /> `tiecretarv or Assistant Secretary, the entire remaining premises shall. be
<br /> offere.3 f.nr _,ale and sold by the Association pursuant to the provisions
<br /> of this Article, as attorney-in-fact for all of the owners, free and clear
<br /> of contained in the Master Deed, the Articles of Incor-
<br /> poration and By-Laws. The insurance settlement proceeds, shall, be
<br /> Collected by the Association, and such proceeds shall be divided by the
<br /> Association according to each owner's interest in the general common
<br /> ~c,-Iements, and 5; lch divided proceeds shall be paid into separate account;
<br /> -_'ach such account representing one of the condominium suites or garages.
<br /> Each such account ;hall be in the name of the Association, and shall be
<br /> further identified by the condominium suite or garage designation and
<br /> the name of the owner. From each separate account, the Association, as
<br /> attorney--in-fact, shall forthwith use and disburse the total amount of
<br /> each of, such accounts, without contribution from one :account to another,
<br /> toward the partial or full payment of the lien of any first mortgage
<br /> against they condominium suite or garage represented by such separate '
<br /> account. Thereafter, each such account shall. be supplemented by the
<br /> apportioned a:wount: of "lie proceeds obtained from the sale of the entire
<br /> property and any available funds of the Association. Such apportionment
<br /> sha1:1 be based upon each condominium suite or gar.arje owner's interest in
<br /> the =,(2ner,al c o-rhmon e l.c~ment:.s. The total. funds of ;each account shall be
<br /> ;e?d and ai F;bursed, without contribution from one accoul t to another, by
<br /> the Association, as attorney- in--fact, as see forth in Sa:ction 12 of
<br /> Article X.
<br /> Se n 6. Obsolescencc~,' of Bu ild i nqs.
<br /> Upon recluest. of the Board of A:dmini!.;trator.s or upon receipt of
<br /> a '~~r s t wh rr-1q.ir st. siq 1 by own',rs holdir;tl a m je',7r.i ty of t:hc' t.e')ta1. 1+a ic.
<br /> v<,lue of 4t;e Con(.1ominiurrh Prop(.-rty Regime, the Secretary shall, purSLItInt tO
<br /> the pr'oviri.OnS of Article II, issue notice of a special membvr's meeting
<br /> to consider the quf"st ion of ot. solesct--nce of the condominium buildings.
<br /> At such rn(,c tins, owns-rs holding eighty percent. (80%) or more of the total
<br /> basic ,alue of the: Condominium Property Regirlie, votlrh9 in person or by
<br /> }ro.xr, may agroo that the c.onclominium buildings are obsolete. In the
<br /> (..vent that the owners agree that the buildings are obsolete, the Secretary
<br /> shall forthwith issue notice of a special meeting of the memhe.rs to be
<br /> h<-?d sixty (60) c.ayr fxom the date; of the member's meeting at w!iich thc.
<br /> r~ ncr a,.; -rl a ;r~z Lhe a bsolff,sce.nce of the buildings. Dl,hr.in<T this; sixty
<br /> D
<br /> A, arc shall make such stud±cs, with the aid of such
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