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<br /> 80- rtS s::: ci.ra(1v1b1.E:: by the 13carC'l as c are nh t t"c.i
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<br /> ces,r-aCary t„r) prL+-.+nt
<br /> E :tir'ates a_. "o Costs of remo6e?linq or reconstructing tho bu1lC"iing r
<br /> :;e eamount of rr' ,:'Jt1hcre4or accrued i)'r th ssoc.ration to C~i3 c ar,d
<br /> i`. an; , 0 3peci,al. > es,sm, ,r its necessary to cover any def i•-
<br /> c14.e ncv betwr~'en a" ai l,able r(-serves and remodeling or reconstruction expo-ns~,
<br /> the rlro~ectryd sale price of the property a-s is, and the projected distr
<br /> bution of all funr?s, inc.ludina reserves and other funds of the Association,
<br /> Z-houl.d the owners choo~:e sale rather than remodeling or reconstruction.
<br /> ?•t the su bseque:nt special meeting of the members, the Board shall present
<br /> these est.imatcyw; o the owner's and the owners hcylding a majority in 'ialue
<br /> c::: the Units in this regime shall adopt either a plan of remodeling or
<br /> r`:ccns-ruc,- ion, .D,,1.-suant to Section 7, or a plan c.f sale pursuant to
<br /> Section 8 of Article X. AitM clan so adopted must subsequently be approved
<br /> in writing 1-)-: more thin fifty percent (50%), in number, of the first
<br /> r.ortgac.-ees of re=core: as of the date of adoption of the plan. No suc_n
<br /> DIa, n h3l?. °ao o effect until such approval of first mortgagees i
<br /> Z)tai ~C.dl .
<br /> e c ` ion _ `'lap„ 3,- Remodel inc ors-Reconstruct ion - Obsolescence.
<br /> In the ev,--nt that a plan oil re:node.lincr or reconstruction is
<br /> by th'_: ewner.. an(7 sut~se quent ly ~a 't?IC)'vE'd by the first mortgagees,
<br /> as .,;gave ;F,t f:)rth, the Board of Admi,nistr actors shall forthwith proceed
<br /> to r'c'Moc3E21 C)r reCOr19truct the i.mproveme;-,ts, applying reserves as set.
<br /> forth for- insurance proceeds in Section cif Article with the same
<br /> r i.:,ht s as to 'ecial assessments as set forth therein.
<br /> ct Iran 8. r lean of Sale--Obsclescence.
<br /> In the event that a plan of sale is adopted by the owners and
<br /> s7..:ta se°:_.riently approved by the first mortgagees, as above set forth, then
<br /> the Board of Administrators shall forthwith record a notice setting forth
<br /> such fact o3: `acts, and upon the recording of such notice with the
<br /> R'-_,cist.er of Deeds of Hall County, Nebraska,by the Association's President
<br /> and SecretarV or Assistant Secretary, the entire premise, shall be cfforeyd
<br /> for salr~' and :gold by they As sociatiora pursuant to the provisions of 1-hi ;
<br /> Article, as attorney-in--tact for all of the owners, free and clear of the
<br /> provision contained in the Master Deed, Articles of Incorporation and
<br /> '_.:Q se ""Y-Laws. The funds and reserves established and held by they
<br /> A- s )ciation an:l the proceeds from the sale of the entire Regime shall. be
<br /> divir'aed by the Association according to each o%.,ner's interest in the
<br /> nr r 1. Common rlt;nGnts, and such divided proceeds shall be paid into
<br /> n.~3rate accounts, each account representing one of the concic>minium sciite:.;
<br /> or .lararle s, Erch such account shall be in the name of the Association,
<br /> and shall r:,c further identified by the condominium suite or garage
<br /> c;r:si;n,at:ion and thry name of the c)wn(,..-r,. The total fund.,; of each account
<br /> shall. t)o u ed and disbursed, without contribution from one account to
<br /> another, by the A!;sociation, as attorney-in--fact, as sr-,t forth in Secti:7n
<br /> 1.2 of Article X.
<br /> Sect ion 9. Conde:- nn<a t ion .
<br /> In the L-vent of a taking by condemnation or eminent domain of
<br /> al.i. or part of the vommon area, the award made shall be paid to the Board
<br /> of Administrators. if owners holding eighty percent (80`is) or more of the,
<br /> basic: value of the Condominium Property Regime do not, within sixty (60)
<br /> days from the elate., of the., award, approve the use of they proceeds from
<br /> the award for use in repairing, expanding or restoring the common area,,
<br /> the Bc)ard of Adm.irais-trators shall forthwith di.shurse the net proceeds, of
<br /> th -r rawarrl for. th', _Ime purpone and in the r ome order as is providod in
<br /> ~e,cticar7 .12 of Art.i,c:le X.
<br /> ty[,C b Cif,'.. 10_". flow/ r .of
<br /> In the event of sale of the entire Regime pursuant to Section
<br /> 5 or Section 8 of Article X, or upon adoption of such .a plan upran termin-
<br /> ation of the Condominium Property Regime pursuant to Section 1 of Article
<br /> X1, or otherwise, the Association shall have all the power: :set forth in
<br /> Article X f.n dealinct with a purchaser or purchasers as attorney--in-fact.
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