AgdaPkt 2015-06-22 Interview and Joint SA PFA

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64 6557.03/12309 (a) That percentage of insurance and net sale proceeds equal to such Owner’s Condominium’s fair market value immediately prior to the damage or destruction divided by the total fair market value of all the Condominiums immediately prior to such damage or destruction; and (b) That percentage of accrued reserves, interest and other funds equal to the Annual Assessment against such Owner’s Condominium divided by the total Annual Assessments against all Condominiums, each as of the most recent Annual Assessment immediately prior to such damage or destruction. Section 9.14 Damage or Destruction ot Considered Material . In the event that any portion of the Development is not Materially Damaged as a result of fire or other casualty the Development shall be repaired and reconstructed (after the holding of a special Owners meeting in which a Special Assessment is approved unless exempted by Section 9.12) in accordance with the provisions for repair and reconstruction as set forth in Section 9.12 hereinabove. Section 9.15 Substantially Full Insurance Settlement. Notwithstanding any provision of Section 9.13 to the contrary, if the insurance carrier offers eighty-five percent (85%) or more of the full amount required to repair and restore all the damage, then the Board shall, without a vote of Members, contract to repair or rebuild the damaged portions of the Development in the manner provided in Section 9.12 hereinabove. Section 9.16 Emergency Repairs. In the event of a casualty, there may be a substantial possibility that immediate emergency repairs will be required to eliminate defective or dangerous conditions and to comply with applicable laws, ordinances and regulations pending settlement of insurance claims and prior to procuring bids for performance of restoration work. As such, without waiting to obtain insurance settlement or bids, the Board may undertake such emergency repair work after a casualty as it may deem necessary or desirable under the circumstances and the Board may charge the Association’s operating accounts for the costs thereof. Section 9.17 otice of Casualty . Within (60) days after any damage or destruction occurs which invokes the provisions of Sections 9.12 through 9.16, the manager or the Board or, if they do not, any Owner, the insurer, the insurance trustee or any Mortgagee of any such Owner shall record a sworn declaration which shall state that such damage has occurred, shall describe such damage, shall name any insurer against whom claim is or may be made, shall name each insurance trustee and shall state that such sworn declaration is recorded pursuant to this Section of this Declaration and that a copy of such declaration has been served on each Owner pursuant to the provisions of this Declaration. Section 9.18 Condemnation. In the event of any taking of any Unit, or a part thereof, by eminent domain, the Owner of such Unit shall be entitled to receive the award of such taking after all mortgages and liens on the Unit have been satisfied or otherwise discharged. After acceptance thereof and if such Owner shall vacate the Unit as a result of such taking, the Owner and his Mortgagees shall be divested of all interest in the Development. In the event of a taking by eminent domain of the Common Area or more than one Unit, or any parts thereof, at the same time, the Association shall represent the affected Owners in the negotiations and shall propose the method of division of the proceeds of condemnation where the compensation is not apportioned among the affected Owners and their respective Mortgagees by a court judgment or by agreement between the condemning authority and each of the affected Owners. Such compensation available to the affected Owners shall be distributed among the affected Owners and their respective Mortgagees, as their interest may appear, according to the relative fair market value of the Condominiums 7.1.K. - Page 68