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<br />distribution of all funds, includinq insurance proceeds, should the owners
<br />cYicose sale rather than repair and reconstruction.. Zrt arriving at such
<br />ficl-ores to be presented to the owners, the Doard :nay employ such experts
<br />as deemed advisable=. After presentation of all relevanr_ financial
<br />information availaba, to the Bc.ard, the owners shall lse required to adopE'
<br />either a plan of repair and reconstruction or a plan of sale. The affirmA-
<br />tive vote of owners haslding seventy-five percent (758} in value of the.
<br />suites ar garaves in this Regime shall be necessary to approve a plan of ,
<br />repair artd reconstruction. Zf such percentage affirmative vote is not'
<br />obtained, the owners holding a majority in value may adopt a plan of s~lle
<br />binding upon all owners. Any plan so adopted must subsequently be
<br />approved in writing by more than fifty percent (508) in numbec, of the
<br />first mortgagees of record as of the date of adoption of the plan.
<br />Section 4. t'lan of Repair-and Reconstruction - Damage or Destruction.
<br />In the event that a plan of repair and reconstructior. is adopted
<br />by the owners and subsequently approved by the first mortgagees, as above
<br />set forth, the Board of Administrators shall Forthwith proceed to repair
<br />and reconstr+act the improvements as set forth in Section 2 of Article X.
<br />Secti,~n~ 5. _ k~l„~n__af 4.~I,e__Ramarle or Destruction.
<br />In tE}e ~+r Fsr}t that. a plan raf sale is ad«pted by the owners and
<br />subrueuur,*nt.?y ap }+rr~vfi~ri hay *..hf~ first mort,:lart+~+^s, as above? set forth, or in
<br />the event that a {71,,~n rnf rcr}:>air :and reconstruction i.s adopted by the
<br />ownrr'rs kri.r'~t i'~u r»~ot apl~~xrr',aoreei 8::y th+~ r?~=ge~ri~red numta'er o~f 'first mortgagees of
<br />rkp,::cPrr3 w~ath.im fi±i'rty VAC?} clay, fcrt~rm the acloptian of the plan, then the
<br />9oard of Admin}stratr>rs steal} forthwith record a notice setting forth such
<br />fact ar fact., and }t;.,n the recording of such notice with the Register of
<br />Deeds of P?ai1 County, "lehrassra, by the Association's President and
<br />Secretary or Assistant ',~cretary, the entire remaining premises shall be
<br />of.fere3 for sale ar,d ~:r,ici by the lssociatinn pursuant to the pcovisi:~ns
<br />of this Article, as attornr~y-in-fact for all of the owners, free and clear
<br />of ths~ r?ro•.ir};,,, ; : _ - ..,in~,:l _., the ~~a ~,:r ,,..,z„i= r~,o ~rtic'es of I.^.eor-
<br />pearatiara anti l:t1~ c iy'-i :w s;. TS,e tinnstrancc ;ettln+merit r, _rr,oeerPs `hall ~~
<br />ctrl l~ c.tx:~?:1 try t',r* A ar~r-i.at ir,n, tnri r=ur~F~ pr.s,c r~e~:7_= ,hall be r9ivider3 by the
<br />As~,asr~aeiat;ian sc<rr;rc!3~i=^a3 rt* ~'~at:rP± rrwnr,^r'<; inter=^~t lei the g~,nera). common
<br />r,,I*-era-~rrrt e .~rrd s:;;~ c#i~.~x +r ,r+ e~?g:- _t±a 1. 1, rim }rain into: sepz~rat,e accounts,
<br />€<?63 c,=n ~L€~„t~: ar. [; CAu Y:t Sr'~f ., €`nt6il~7 ?'zr4 e!+ .1 tt`S n~ ±nf3r~m 5 G 1
<br />x 1 am e, Y,eg ~,r ^.ar.=.ge=,
<br />East:: s.+.trh atf~cz:.Er t ...,~a3, ..: ^f~:°, n~e^~.: rrl Fts€ As,,or:iat}on, and ;na1i bu.
<br />:uzt;,~~r is 3 t<°~ ~>>- ;rsi~ :::z,icrr ar garagR designation and
<br />•m? rim T "= t -. ,. - r- =.,.--, ,,-i: .~e±~ara t:- .i:~c:<-ytlnt, the A~~QCiatlOn: a5
<br />attorney-in-fact, o-?ttal7 1c,ctnwith :.a;c~ and r3isburse the total amrrunt o£
<br />+Sach of such account,, wrth<±ut cc~nt.r.ihutir,n from one account to another,
<br />toward the partial c.r t;:ll {+aymc3nt o€. the lien of any first moetgage
<br />against the canc3r~min;u!^ suitr~ r„ ;,3[agr-• represented by such separate
<br />accoant. The=ra.a! t-,r «,,i<~?. :aria aer<,~unr shat. 7 ha supplr~mented by the
<br />apportioned atr:ncrr7t r,{ tla,: r+rc-?_eec3s obtained from the sale of the entire
<br />property artd any availah?a~ funds r,f the Asociation. Such appoctionment.
<br />sha).1 [ae ha<;q,d ~}.+c+n .>reth conElnmin}um su}te car garage owner's interest in
<br />the gF~ner:rl c~+rr+mtrn +~l%~mr-nt::. ~'t,!> total lunris caf each account shall be
<br />used ar'rira 7i~P,,ureat<, ~rth.>r.t- contrihuticwn from one account tro another, by
<br />the AG~Sicrc~iat,~inn, a~; -.,-rnn'ir~y-in<-t~3r_t, as se r. far.th in Section 12 of
<br />Art 1 ~' 1 r,a. :~ '
<br />SeCticy='m 6. f)#; =.c~lr-;•`..i.?: .' +,f ?~uil~3in<~'
<br />C'tx>n rn.a,?t•<:.t ,,r' thr^ !1<,arci of Arl^i^istratc~rs rr upon receipt of
<br />a ri`.inz. #r=.- •:n - ,-_van~r:~ ~a~itin~~ maority rtt the total basic
<br />v9131#= f>f rhq f'=2r 3' _.,. > rr„ u .f },^,a2, c. -. ~,
<br />' - `~' "- - `~ `~`ary ~Jhall, pi3S :+l3dnt tC5
<br />the prr~ri s:,n., .~,t `~ri a.clF~ ??~ },;ucy ntYtice nr r~spe=cial member's mee.tSng
<br />te'~ c€~-y,-''€€'.r'r .;.. -i.a -_._-.. cif ?l`+-c_i~:'C,`~ne-e~ e~f th?~ ec~nr3nmin ium Fiuilr#ings.
<br />At sucrft ~+retincr, ~»~ners~h+'Y~?ling ei<-rhty .reresnt (~u8) or mare of the total
<br />ha.;ic~ ^.raluc'^ c?f the ;'c,n.9c,,rn,nzum 1'rc,pc~Yrty {ze<eIJ!nP, votin,.l in person or by
<br />Gkrc?Y'{_, fi~Y arTCt*e. }l: _;e t~h,-, r`e_~nc3n:*-`r ni:i_m n+es t:: _ (,t~,~.~7,~±<o e. f. ~~
<br />ev:?nr tia,„a, tit *, r wr;,~r,_ +-rrr~r` that the f°ue Id}n, ere obsr,let€, ~khen ~;;~ crekary
<br />€~hal? ptsrtl3w.i'}s x°«sr +_ ~ ,=°re e,f a °pFreia,l met ts.na of thc~ members to k,e
<br />he'Irt e;ixty {r;i17 z - frr r ?_h::< rl.,te :.f ~,°r? e;~mhr•r ~.e=:•ting at wh}c~#t the
<br />ctt+rrser hc)tr•=~sz ca{<,a~ +_r„ ~",.,,3C_~,r"-r'rt7P c,{ ~kiu• P~u;lcaings. ~cerina thin; sixty
<br />r63} c+w~:• _cr t==Fi, ~.'s~ i"..? er•P :;tall ?e~=k:^ •:t.zch .:ts~,_7ir~.s, with the :air} of :;uch
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