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<br />experts as deemr-d advisable by the Board, as are necessary to present
<br />estimates as to ehe casts of remodeling or reconstructing the building,
<br />the amount of reserves therefor accrued by the Association to date and`
<br />f the amount, i= any, of special assessments necessary to cover any deli- `
<br />t ciency between available reserves and remodeling ar reconstruction expense,
<br />the projected sale price of the property as is, and the projected distri-`
<br />bution of all funds, including reserves and other funds of the Associakiott,`'
<br />should the owners choose sale rather than remodeling or reconstruction:;.
<br />At the subsequent special meeting of the membeis, the Board shall pres>ynt
<br />these estimates to the owners and the owners trolding a majority in value
<br />of the units in this Regime shall adopt either a plan o€ remodeling or
<br />reconstruction, pursuant to Section 7, or a plan of sale pursuant to
<br />Section 8 of Article X. Any plan so adopted must subsequently be approved
<br />in writing by mare than fifty percent lS0~1, in number, of the first
<br />mortgagees, of record as; of the date of adoption of the plan. No such
<br />plan shall ga into eC£r=ct until such approval of first mortgagees is
<br />obtained.
<br />Section 7. Plan of Remodel.inc~ or Reconstruction - Obsolescence.
<br />in rrc evz=nt .at a plaie of rer;rodeling 6r rec.uirscrit c:t it3n 1$
<br />adapted try the owners and subsequently appraised by the first mortgagees.
<br />as abc,~ve set forth, t:he [3 rya rd of Arlminizttratars shall forthwith proceed
<br />to rr-m,a<3r:1 or recon:;truct the impraw.~ments, applying reserves as set
<br />Earth for' inssuran<-r~ prc3cr'erdz; in Sec9,_ian '2 of Article X, with the same
<br />riclhtsa a, to zprc~iai ::3sr;nssrnent.s as .set ft:srtk'3 therein..
<br />Sectirsn t1, z'lan of i,:,31e-t')ta.rsr,le°sconce.
<br />Tn the event that a plan of r;ale is adopted by the owners and
<br />sub:-equently approvc•;7 ty the first mortclaclees, ,as above set forth, than
<br />the aoard ,-,f Administrators shall forthwith retard a notice setting forttz
<br />such fact or facts, and +.znon the recording e~f such notice with the
<br />Register of needs of. Halt ('o.;nty, Nebraska,by the Association's President
<br />and Secretary or A=;si~tnnt SPr,retary, the entire premises shall be offered
<br />far mats and ;ntd by thh rl.P.=.:,e:<~tir~n par,".z +:zrlt ro the pravisaans ~;f this
<br />,Fir'.,:ICi.=.. ,~s ..}t=rn+~y-in-t-~tr•t: fr;+r ;i.l of the e,wai~=rs, f.ree and tie,=r of the
<br />pr't'.tvisr.ons cczntaine,~d in the +,ar,t~r I)er~d, Article•:> of Inrarpor:ztion and
<br />trcxc,ct [.3y-F.aw=_, '"'t;r, t r = ar-~'1 ,r~„ .lay: e= !:at~t i',.r' t ,art; s,ei.l b,; tt,.~
<br />A +,.r c_t~i>t t_zr. 'r:} rh,, c7 c:r,:d f r"m R3t~ ~; .~lr.,~ ~zk: t.,<, ern t, ire Ree+ r7-' ;;halt t.Q
<br />iiiW 1+.3.":.,I lA-,- iii,- r~ .-.~r-3:1t 1.,ri -r[~.-ric rilnc:i i~[~ •~d3 S.'tl nbunr~r',- In{~',.r?St lrl t;jn
<br />: onr,:~ .,.,...;,~-... 1_m.~,.,"'-, ',I'3.7 ..,.'t: ':1 .. :.:'l,,l ~t~'t,,-._:t.~ ot3('17 be 'I
<br />pa „~,~
<br />r;c*_e~~rr.-i±•e -7re~r~ur'. - r _! ~- -+ai+:t ret t _rrt_"r„t „r.~" ~,p fyz.. .,,7ndarnini+zm .;n2tf,s
<br />ar lara<F~~. i;,cii -.u+~n ,ir~r•,zunt :hail ;,~~ in t~hr~ name of the Ase>ociation,
<br />area :;hall Izr= r.,rth~~z z,lnnr of ie~d by thr~ r-ondnminium suitr~ or garage
<br />designation and thr,~• n:;:ar „i *h+, ramp-r . 1'h+: total funds of each account
<br />shall hfl used .rn:3 +ii~:ixsrr.-+3, wittuzut contribution from cane account to
<br />anathr~r, by the A::;::r~r_iatsr,n, a.~=. :nttorn~y-in-fact, as set Earth in Section
<br />12 of !lrticle~ :{.
<br />.~]E`C t. l~()r3 <l, l'tlnf_1 F.I!i rl:'tr 1?ert,
<br />in rt,e nt,:.,. ,it ,. td=. i3^,~, by ~<rnd;'^„"`At.,.~, ~. aminen- <~,sma'ln of
<br />all ar part at: ttu~ ..~mrmrn t+r+~:z, theme :vward r•rart" sh~,ll~be paid~to the Board
<br />of Arlm~ini~st.r,xtnr_:. f? +,wn;~r~, hr3le:linq eighty perce~~nt (k308) or morc^ of the
<br />basks value rf tizc~ c~xzclomini+~m ^roperty Regime do eat, within sixty {~0!
<br />days, from th=- ~l,zt„ rzf rh„ :zward, azpprove the= use of tho proceeds from
<br />the awar<,i ft~t ur;+~ in ;=airin+a, r~xl3anelin:~ or rr~~.tarinrl the common area,
<br />the ESOard of Adminirzt r~'3±*~rs =hall forth;pith i9islaurse the net r~roreeds of
<br />Srctir:re 12 a> Ae'.e_,+ ~{~. ~ _ _. _.._ ~ _ ..v
<br />;iE=coon ltl. PowE~r c,f tlalf~,
<br />In the event of s,tlr~ of the entire i2e~:~imE' pursuant to Section
<br />5 ar S~ctian $ of Arricte ~, or +Ipan adoc~tion oC such a ~z1an upon termin-
<br />atis;n ref the C'anrl;zmininro t~rnT,r=rt•; "2rsgim<~ r~,_trs+-33nt to Section 1 e, f` :lrticlP
<br />#I, rze catFz~rwt.s~<. t:h.~ Az:~:<,r•iatiorz ~~t:ali have ail the powers set fe,rth in
<br />Azt.i;:le X i=z e'lr•„ling wi:t; :~. ~kzrcha_scr c:e (nzrchasnrs as ~sttorney-in-fact..
<br />15
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