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63 <br />6557.03/12309 <br /> <br />(d) The Association shall designate a construction consultant (the “Construction <br />Consultant”), general contractor (the “General Contractor”) and architect (the “Architect”) for the repair <br />or reconstruction contemplated by this Section. <br /> <br />(e) The insurance proceeds payable on account of such damage or destruction shall <br />be deposited with the Depository and shall be disbursed in accordance with the normal construction loan <br />practices of the Depository upon the receipt of appropriate mechanics lien releases and upon the <br />certification of the Construction Consultant, the General Contractor and the Architect dated not more than <br />ten (10) days prior to any such request for disbursement setting forth the following: <br /> <br />(1) That all of the work completed as of the date of such request for <br />disbursement has been done in compliance with the approved plans and specifications; <br /> <br />(2) That such disbursement request represents monies which either have <br />been paid by or on behalf of the Construction Consultant, the General Contractor or the Architect and/or <br />is justly due to contractors, subcontractors, materialmen, engineers or other Persons (whose name and <br />address shall be stated) who have rendered or furnished certain services or materials for the work, giving <br />a brief description of such services and materials and the principal categories thereof, the respective <br />amounts paid or due to each of said Persons in respect thereof and stating the progress of the work up to <br />the date of said certificate; <br /> <br />(3) That the sum then requested to be disbursed plus all sums previously <br />disbursed does not exceed the cost of the work insofar as actually accomplished up to the date of such <br />certificate; <br /> <br />(4) That no part of the cost of the services and materials described in <br />Section 9.12(e)(1) has been or is being made the basis for the disbursement of any funds in any previous <br />or then pending application; and <br /> <br />(5) That the amount held by the Depository will, after payment of the <br />amount requested in the pending disbursement request, be sufficient to pay in full the cost of such repair <br />or reconstruction. <br /> <br />(f) In the event the insurance proceeds available for repair or reconstruction are less <br />than the total cost of such repair or reconstruction, the Association shall first use sums from its accounts <br />and, if necessary, shall levy a Special Assessment on all of the Owners in accordance with Section 4.5 to <br />restore or rebuild the Development. <br /> <br />(g) All such funds to be supplied by the Association shall be deposited with the <br />Depository and shall be disbursed pursuant to the provisions of this Section. <br /> <br />Section 9.13 Owners Vote ot to Rebuild . In the event the Owners vote not to rebuild as <br />described in Section 9.12(b) above, the Association shall, acting as attorney-in-fact for all the Owners, <br />sell the remaining property on terms satisfactory to the Board. The net proceeds of the sale, together with <br />the insurance proceeds, accrued reserves, interest and other funds, shall thereupon be distributed to the <br />Owners according to the following procedure: the Board shall retain, at the Association’s expense, an <br />appraiser who is a member of the American Institute of Appraisers or other nationally recognized <br />appraiser’s organization who shall determine the fair market value of each Condominium as it existed <br />immediately prior to the damage or destruction and whose determination of value shall be final. The <br />Board shall then distribute to each Owner and his Mortgagees the following amounts: <br />7.1.K. - Page 67