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6. "VerY Substantial" Damaqe. As used in this Dec'aration, `
o: any other context dealing with this Condominium, the term "very {
suc~tantial" damage shall mean loss or damage whereby three-fourths ;
(3/4ths) or more of the total unit space in'the Condominium is ~
r~ndered untenantable, or loss or damage whereby seventy-f ive ~(759~) ,
~r cent or more of the total amount of insurance coverage (placed '
as per Article XII B-1) becomes payable, should such "very substanti:.:" ~
damage occur, then,
(a) The Board of Directors of the Association.shall
promptly obtain reliable and detailed estimates of the cost of .
repair and restoration, ~
•~(b) The provisions of Article XII B. 5, {f) sha~l
ao~ be applicable to any institutional first mortgagee who shall
hava the right if its mortgage so provides to require applications
o= tne insurance proceeds to the payment or reduction of its mortgage
d~~~. The Board of Directors shall ascertain as promptly as possible
~he :~et amount of insurance proceeds available for restoration anci
repair.
(c) Thereupon, a'membership meeting shall be cal2ed
by the Board of Directors of the Association, to be held not later
than s~,xty (60) days after the casualty, to determine the wishes o~
t:~e membership with reference.to the abandonment of the condominium
project, subjec~ to the toiiowing:
(1) If the net insurance proceeds available for
restoration and repair, together with funds advanced by unit owners
to replace institutional first mortgagees, are suff icient to cover
the cost thereof so that no special assessment is required, then
I the condominium property shall be restored and repaired, unless
~ two-thirds (2/3ds) of the total votes of the members of the
~ Association shall vote to abandon the conc~ominium project,- in
~ which case the condominium property shall be r,emoved from the
~ provisions of the law, in accordanca with Section 16 of the
~ Condominium Act. , ~
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(2) If the net insurance proceeds available
ior restoration and repair, together with funds advanced by unit
ow:~ers to replace insurance proceeds paid over to institutional
R first mortgagees are not sufficient to cover costs thereof, so that
a special assessment will be required, then if a majority of the
total votes of the members of the Association vote against such
~ special assessment and to abandon the condominium project, then
~ ~t shall be so abandoned and the property removed from the pro-
~ vision of the Iaw in accordance with Section 16 of the Condominiun
~ Act. In the event a majority of the total votes of the members of
tne Association vote in favor of the special assessment, the
Association shall immediately levy suoh assessment and thereupor.
~ L:~e Association shall proceed to negotiate and contract for such
~ re irs and restoration, subject to the provisions of Paragraph 5
Pa
~ (c) and (d.) abov~. Th~ special aoaesan~nt fund~ ~hall bo dalivered
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~c~~ 2'~ facr 2219
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LAW OFFICES BART L. COMEN, CITY NATIONAL BAP1K 9Utl,DINC3~ MI~.M1~ FLORIOA
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