HomeMy WebLinkAbout2620 . s .
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- - c.. Thereupon, a meeting of the affected Dwelling
- Unit Owners shall be called by the Association to be held-not
later than sixty (60) days after-the casualty to determine-the
wishes of these Owners with reference to the abandonment of the
building(s), subject to the following.
~(i) -If the net insurance proceeds available for
restoration and repair, together with the f--ands advanced by
Dwelling Unit Owners to replaceinsurance proceeds paid over- to-
- -Institutional Mortgagees, are sufficient to cover the cost there-
~of, so that _no -special assessment is- required-, then the building -
shall be restored and repaired unless all of the Dwelling Unit -
- s _ .
Owners in-the affected building-vote to abandon the affected
- building, the insurance proceeds shall first be applied to re-
moval of th-e -affected bui-1 di ng and- restoration - of the area i t
- occupi ed~ . - -
- (i-i) If the net insurance proceeds available
- for restoration and repair, together with funds advanced by -
Dwel-ling Unit Owners to replace insurance proceeds paid over -
-to -Institutional Mortgagees are .not sufficient to cover-the
-costs thereof so that a special assessment will be required -
- and if all . of the Dwelling Un-it Owners in the affected -
building-vote to abandon the affECted bail-ding, the insur-
once proceeds shall first be applied to removal of the affected
building and restoration o.f the area it occupied.
- (iii) ~ Any time that a building is replaced or
restored, the replacement-building shall be constructed in -
. accordance with paragraph 7 of this Article VIII. - -
- (ivj In the-event any dispute shafil arise at to~-
- whether or not °very substanti-al".damage has occured, it is -
agreed tfiat such a finding made by the Board-of Directors of the
Association shall be binding upon ail Dwelling Unit Owners.-
7. Plans and Specifications. Any repair and restoration
must be substantially in accordance with the plans and specif-
ications for the original building, or as the building was last-
constructed or according to the plans approved by the Association,
which approval shall not btu unreasonably withheld. If any - -
p