Agmt02 Maria La Rocca Estates - Laserfiche WebLink

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(3) T~s Board shall then call a meeti~ g of all affected Owners to revis~ all submitted bids. A simp]e majority vote of the affected Ownars will be required to accept or reject any bid. The failur~ ky such Owners to either accept ~ bid or reject all bids shall authorlus the Board to accept an unr~jected bid it considers most fAvcr~is, or seek further bids. Subsecu~on 1.2 Uninsured or Insuff~ ciently Insured Losses: If any damage or destruction is uninsured or if the insurance proceeds ~re insufficient to cover t~ cost of repairs or replac~nent of the property ~amaged,the B~,ard will make a Special Assessmsnt~ in accordance wi.th the provisions outlined in Article V, Section 3 of this Declaration, to cover such cost. Such special assessment is in addition to any other re(ular assessments and is subject to the rules herein ~elating to Siecial Assessments. Any Special Assessment for the rebuilding or ajor repair work of the Common Area shall be levimd equally a~'ainst all Lots to be assessed. ~ Subsection 1.3 Full I~urance SettLement: Notwithstanding any provision of this Article X, ~if the insurance carrier offers the full amount required to repay and rest:ore all of the darmage, then the Board shall contract to repair Dr rebuild the damaged portions of all affected residences in the inmnner provided in this Article X, Subsection 1.1 for a minor casu ~lty. Subsection 1.4 Emergency Repairs: Without waitinq to obtain insurance settlements or bids, the Boazd may undertake such emergen~/ repair work after a casualty as i' may deem necessary or desire'hie under the circumstances, and the Board may charge the operating accounts for the cost thereof. In the event of a casualty, there is a substantial possi ,ility that i~ediate emergency, repairs will be required to ~liminate defective or d~ngerous conditions and to cor~ply with applicable laws, ordinances and regulation, pendgng settlement of insurance claims and prior to procuring bids for performance of restorat~Dn work. Subsection 1.5 Decision Not to Rebuild: The decision not to r~build will require the affirmative vote or written assent of not less than seventy-five percent (75%) of each class of Owner. Upon conversion of Class B membership to Class A ~embership as provided in this Declaration, a vote in accordance ~ith this Declaration, Article iii, Section 4, shall be required f)r the decision not to rebuild. In the event the membership elects not to rebuild, the proceeds raceived by the Association as a r,~sult of such decision shall be distributed by the Association amcng the Owners of Lots 4o