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HomeMy WebLinkAbout0651 . (c) Thereupon, a mer_mbership meetinq shall be called by the Nan~,gement Firm, or by the Poard of Administration of the Association, to be held not later than sixty (E4) days after the casualty, to determine ~ the wishes of the membership with reference to the termina.tion of the C~ndominium, subject to the following: ( i) If the net insura nce proceeds ava ilable for resto raE ion and re- ~ p3ir are sufficient to cover~the cost thereof, so that no specia.l assessment is required, then the Condominium property shall be restore~ and repaired, unless two-thirds (2/3rds) of the total votes of the membership of the Asso~iation shall vote to termina.te this Condominium, in which case the Condom inium _ property shall be removed from the provisions of the law by the recording ~f an instrument terminating This Condominium - in the Public Records of the County in which this Condominium is located, which said instrument shall further set forth the fa~ts effecting the termination, certified by the Association and . executed by its President and Secretary. The termination ~f the Condominium shall become effe~tive upon the recording of said instrument, and the L'nit G~vners shall thereuc~on be~ome owners as tena.nts in common in the property, and any remaining structures of the Condominium, and their undivided interests in the property shall be the same as their undivided inkerests in the common elements of ~th'is Condom inium prior to its termination, and the mortgages and liens upon Condom inium parcels sh311 ~ become mortga.qes and liens upon the undivided interests of " ~ su~h tenants in common, with the same priority as existed prior ~o the termination. of the Eondominium. - (ii) If the net insurance proceeds ava.ilable fo"r restoration and , repair are n~t sufficient to. cover the costs thereo~ so t!~at a f special assessment will be required, and if two-thirds (2/3rds)_ ~ of the total~votes of the members of the Ass~cia,tion shall vote ~ aga,inst such spe~ial assessment and to terminate this Cond~miniu ; then it shall be so terminated and the~C~ndominium property . ~ removed from the provisions ~f the 13w as set forth in - Pa.raqra.ph E. (c) (i) above, and the unit owners shall be tenants in common in the property in ~u~h undivided interests-and all - mortc,~.qes and liens upon the C~ndominium parce~s and Interval ~ Cwnerships therein shall enc~mber the undivided interests of such tena.nts in common, as i~ provided .in said Pa.ra.graph E. (c) (i) abo~~e. In tt~e event less than two-thirds (~/3rds) of the total votes of the members of the Association vote against a special assessment, the Management Firm, as long as the Management Agreement remains iri effect, and thereafter the Association, shall immediately levy su~h assessment and, thereupon, the Marragemen Firm, as long as the Management Agreement remains in effect and thereafter the Association, sha.ll proceed to neqotia.te and ~ 3y contra.~t for such repairs and restoration, subje~t to the provisions ~ ~ of Para.qra.ph 5. (c) and (d) above. The spe~ia.l assessment funds ~ shall be delivered by the Management Firm, and thereafter by the Association, to the Insurance Trustee and added by sa.id ~ Trustee to the proceeds available for the restora.tion and repair of the property. The proceeds shall be disbursed by the Insurance ~ Trustee fo~r the restoration of the property, as provided in ~ w. R. scorr Pa.ragraph 5. (c) above. ~ ~TroRNCr wT uw 7~ rn-1~ ac - - ~ :~'T O .n„?R,?..6011~0A . B~ ' ~ ~ F ii~~4 - ~ f , ;-;r ~~~b~Y 3`?~'~,at y ..Y _ '.3~.,~s~.c:.c:w~et`"~":&~~~ .-c . r~a~„'S'3"~ s'