Recission of Enabling Declaration Establishing A Plan For Condominum Ownership 2-27-1981

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i the members of each class vote not to rebuild. In the event of ' partial or total destruction of the common area, and an election by the owners not to rebuild, insurance proceeds received by the Association on account of the destruction of the common area shall he distributed by the Association among owners of units and the respective mortgagees proportionately according to the respective fair market values of the units at the time of the destruction as determined by the Association, provided, a however, that if any owner or mortgagee protests the proposed distribution based upon said fair market values as determined by 1. the Association, a licensed independent appraiser acceptable to the Association and to the protesting member(s) or mortgagee shall be appointed by the Association to make the determination of the respective fair market values of the units at the time of the destruction. In the event of a failure to agree upon an wappraiser, the appraiser shall be appointed by the then President _ of the San Mateo County Bar Association. ..L a 8.9 Condemnation: In the event of an award for the in taking of any unit in the project by eminent domain, the owner -:a of such unit shall be entitled to receive the award for such taking and after acceptance thereof he and his mortgagee shall 2 be divested of all interest in the project if such owner shall c vacate his unit as a result of such taking. The remaining �-e owners shall decide by majority vote whether to rebuld or Gr repair the project, or take other action. The remaining . portion of the project shall be resurveyed, if necessary, C.) and the Declaration shall be amended to reflect such taking and :^- to readjust proportionately the percentages of undivided (,', interest of the remaining owners in the project. In the event of a taking by eminent domain of any part of the common area, the Association shall participate in the negotiations, and shall propose the method of division of the proceeds of condem- nation, where units are not valued separately by the condemning authority or by the court. Proceeds of condemnation shall he distributed among owners of units and their respective mortgagees according to the relative values of the units affected by the condemnation, said values to be determined by the method provided in Section 8.8. If any condominium or portion thereof or the common area or any portion thereof is made the subject matter of any condemnation or eminent domain proceedings or is otherwise sought to be acquired by a condemning authority, the institutional lender, with respect to any such condominium, will be entitled to timely written notice of such proceedings or proposed acquisition and no provision of any document establishing the project will entitle the owner of a condominium or other party to priority over such institutional lender with respect to the distribution to such condominium owner of the proceeds of any award or settlement. 8. 10 Limitation of Restrictions on Declarant: Declarant is undertaking the work oT_construction of resraeKETir condominium dwellings and incidental improvements upon the subject property. The completion of that work and the sale, rental , and other disposal of said condominium units is essential to the establish- ment and welfare of said property as a residential community. In order that said work may be completed and said property be established as a fully occupied residential community as -32- IL - '. .