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<br />Section 4. Plar. of Repair and Reconstruction - Damage or Destruction.
<br />In the event that a plan of repair and reconstruction is adopted by the owners
<br />and subsequently approved by the first mortgagees, as above set forth, the Board
<br />of Administrators shall forthwith proceed to repair and reconstruct the improve-
<br />ments as Set forth in Section 2 of Article X.
<br />Section 5. Plan of Sale - Damage or Destruction.
<br />En the event that a plan of sale is adopted by the owners and subsequently
<br />approved by the first mortgagees, as above set forth, or in the event that a plan
<br />of repair and reconstruction is adopted by the owners but is not approved by the
<br />required number of first mortgagees of record within sixty (60) days from the
<br />adoption of the plan, then the Board of Administrrtors shall forthwith record a
<br />notice setting forth such fact or facts, and upon the recording of such notice
<br />with the Register of Deeds of Hall Ccurity, Nebraska, by the Association's
<br />President and Secretary or Assistant Secretary, the entire remaining premises shall
<br />be offered for sale and sold by the Association pursuant tc the provisions of
<br />this Article, as attorney-in-fact for all of the owners, free and clear of the
<br />provisions contained in the Master Deed, the Articles of Incorporation and these
<br />By-Laws. The insurance settlement proceeds small be collected by the Association,
<br />geld such proceeds shall be divided by the Association according to each owner's
<br />interest in the general common elements, and such divided proceeds shall be paid
<br />into segarate accounts, each such account representing one of the condominium
<br />suites or garages. Each such account shall be in the name of the Association, and
<br />shall be further identified by the condominium suite or garage designation and
<br />the name of the owner. From each separate account, the Association, as attorney-
<br />in-fact, shall forthwith use and disburse the total amount of each of such accounts,
<br />without contribution from one account to another, toward the partial or full
<br />payment of the lien of any first mortgage against tae condominium suite or garage
<br />represented by such separate account. Thereafter, each such account shall be
<br />supplemented 6y the apportioned amount of the proceeds obtained from the sale of
<br />the entire property and any a~aailable funds of the Association. Such apportion-
<br />ment shall be based upon each condominium suite or gar. age owner's interest in
<br />the aenera7 __..,,.Mn 21e.,.ou~n. ~,. ~~~a~ iundsvf earn account shall be used and
<br />disbursed, without contribution from one account to another, by the Assaciation,
<br />as attorney-in-fact, as set forth in Section 12 of Article X.
<br />Section 6. Obsolescence of Buildings.
<br />Upon request of the Board of Administrators oc upon receipt of a written request
<br />signed by owners holding a maiority of the __al basic ~a.u< of the Condominium
<br />Property Regime, the Secretary shall, pursuant to the provisions of Article Ii,.
<br />iss~:e notice of a special member's meetir.~3 to can cider the question of obsolescence
<br />of the condominium buildings. As such meeting, owners holding eighty percent (808)
<br />or more of the total basic value of *_he Condominium Property Regime, wting in
<br />person or by proxy, may agree that the condominium buildings are obsolete. In the
<br />event that the owners agree that the buildings are obsolete, the Secretary shall
<br />forthwith issue notice of a spacial meeting of the members to be held sixty (60)
<br />days from the date of the member's meeting at which the owners agreed upon the
<br />obsolescence of the buildings. During this sixty (6p)day period, the Board
<br />shall make such studies, with the aid of such experts deemed advisable by the
<br />Board, as are necessary to presen*_ estimates as to the costs of. remodeling or
<br />reconstructirw the buildings, ±he amount of reserves therefor accrued by the
<br />Association to date and the amount, if any, of special assessments necessary to
<br />cover any deficiency between available reserves and remodeling or reconstruction
<br />expense, 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 Assaciation, should
<br />the owners choose sale rather than remodeling or reconstruction. At the subsequent
<br />special meeting of the members, the Board shalt present these estimates to the
<br />owners and the owners holding a majority in value of the units in this Reyime
<br />shall adopt either a plan of remodeling or reconstruction, pursuant to Section ;,
<br />or a plan of sale pursuant to Section 8 of Article X. Any plan so adopted must
<br />subsequently be approved in wri±irg by mare than fifty percent (508), in number,
<br />of the first mortgagees, of eecord as of the gate of adoption of the plan. No
<br />such plan shall go into effect until such approval of first norgagees is obtained.
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