HomeMy WebLinkAbout0989 (i) If the net insurance proceeds available for
restoration and repair, together with the funds advanced by -
Dwelling Unit Owners to replace insurance proceeds paid over to
Institutional Mortgagees, are sufficient to cover the cost
thereof, so that no special assessment is required, then the
buildings shall. be restored and repaired unless all of the
Dwelling Unit Owners in the affected buildings vote to abandon the
affected buildings, the insurance proceeds shall first be applied -
to removal of the affected buildings and restoration of the area
occupied.
(ii) If the net insurance proceeds available for
restoration and repair, together with funds advanced by Dwelling
Onit~ 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 Unit Owners in the affected buildings vote to
abandon the affected building, the insurance proceeds shall first
tie,- applied to removal of the affected buildings and restoration of
the area it occupied.
(iiij Any time that any building is replaced or
restored, the replacement building shall be constructed in
accordance with paragraph 7 of this Article VII.
( iv) In the event any dispute shall arise as to
whether or not "very substantial" damage has occurred, it is
agreed that such a finding made by the Board of Directors of the
Association shall be binding upon all Dwelling Unit Owners.
7. Plans and Specifications. Any repair and
I
~ restoration must be substantially in accordance with the plans and
specifications for the original building, or as the building was
last constructed or according to the plans approved by the
i
Association, which approval shall not be unreasonably withheld.
If any material or substantial change is contemplated, the
` approval of all Institutional Mortgagees shall also be required.
8. Association's Powers to Compromise Claim. The
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