HomeMy WebLinkAbout0462(4) In the event that there shall occur to a
separate and distinct Building the degree of damage or
destruction described in Section C-2 above, but the Condominium
as a whole shall not have experienced the degree of damage,
destruction or loss as set forth in Section C-1 above~ and
the Building suffering such damage or destruction shall have
failed to elect to be repaired or reconstructed in accordance
with Che provisions of Section C above~ then the Condominium
Regime shall be deemed terminated with respect to that
BuildinQ only and this Ueclaration of Condominium shall be
deemed amended and the following shall result:
(a) The Board of Directors, upon advisement
of one or more independent appraisers, shall determine the
fair value of all the Condominium Property (including improvements)
immediately prior to the damage or destruction resulting in
the termination of the Condominium Regime. There shall then
be computed that portion of said fair value which is attributable
to the said damaged and destroyed ~uilding~ as foZlaws:
The total of the relative Common Elements per building
attributable to Units in the Building so destroyed or damaged
shall be multiplied by the fair value of all the Condominium
Property as established by the Board of Directors and the
pro~uct thereof shall be that portion of the fair value
attributable to said destroyed or damaged Building. There
shall be subtracted from said portion of the fair value the
loss or damage experienced by the Condominium attributable
to the damage or~destruction of the said Buildin~. That
difference, plus the total amount of insurance proceeds
attributable to said loss, shall be deemed the total nurchase
price for the Condominium Units in the said destroyed or
damaged Auilding. The Condominium Association shall~ within
thirty (30) days of the request by any Unit Owner~ whether
or not the Unit owned is in the destroyed or damaged Building,
or by such Unit Owner's mortgagee, providin~ only that the
times for the elections set forth in Section C above have
fully run, require the Condominium to call a general meetin~
of its members at which time there shall be considered the
question as to whether or not the total Condominium ReRime
be terminated in accordance with Article XXIV. If the
Condominium shall not elect to terminate in accordance with
Article XXIV, then the Condominium Association shall nurchase
the Condominium Units in the destroyed or damaged Building
from ~he Unit Owners thereof for the total uurchase nrice
therefor hereinabove mentioned, each sucr- Unit (lwner, receiving
that portion of the said total purchase price as is pronortionate
to his Unit's share of the relative Common Elements ~er
Building, that portion being the purchase vrice for his
Unit. The purchase vrice for each such ilnit shall be naid
to each of said Unit Owners and his mortgagee as their
interests may appear as follows: Immediately upon receipt
of the insurance proceeds, that portion thereof, if any, not
attributable to the damage, loss or destruction of the ~
B~i~~~r.g s~ damabed or ue~~~~,c~, ~ha?? ~e ~e~ asi~e a^d ~he
balance paid over to the Condominium Unit Owners in nronortion
to their respective shares of the said total purchase rrice
and shall constit~te part of the nurchase price for that
Unit. The balance of the purchase price for each Unit shall
be paid over to said ~Tnit Owners and their mortgagees at the
Association's option in not more than twelve (12) equal
monthly installments commencing thirty (30) days after the
closing of each transaction af purchase and sale without
interest.
(b) The Condominium Association, upon the
acquisition of the title to the iJnits and interests of the
Unit Owners in the damaged or destroyed Building, shall have
the option of either:
~ ''K 349 ~~~E 463
-2s- ~;,~x
~
k
~,i;r.... _-