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and their respective mortgagees accordinc, to the respective fair <br />market ~alues of the Lots at the time of destruction. The fair <br />market v~lue shall be detez-~mined by tak ~ng the average of two <br />appraisals as commissioned by the Board. <br /> <br />SecTion 2 Condemnation: The Association shall represent the Lot <br />o%~ners in any condemnation proceeding: or in negotiations, <br />settlements and agreements with the condemning authority for <br />ac_quisition of the common area(s) or anyi part thereof. In the <br />event of a taking or acquisition of par~ or all of the common <br />ar~ea (s) by a condemning authority, the award or proceeds of <br />se~ttlement shall be payable to the Assoc.ation, or any trustee <br />appointed by the Association, for the use and benefit of the Lot <br />owners and their mortgagees as their intermsts may exist. <br /> <br />I~' the event of an award for the taking of any Lot within the <br />Project by eminent domain, the owner(s) of such Lot shall be <br />er~itled to receive the award for such taki ~g and after acceptance <br />thereof, the owner and the mortgagee, if an, f,. shall be divested of <br />al/. interest in the Project if such owne: vacates his Lot as a <br />reSult of such taking. The remaining ,.wners shall decide by <br />majority vote whether to rebuild or repai: the Project, or take <br />other action. The rema~ining portion of the Project shall be <br />resurveyed, if necessary, and the DeclaratJ.on shall be amended to <br />reflect such taking and to readjust proportionately the percentages <br />of undivided interest of the remaining own~.~rs in the Project. <br /> <br />In the event of a taking by eminent doma .n of any part of the <br />co~on area, the Association shall participa~:e in the negotiations, <br />and shall propose the method of divisio~ of the proceeds of <br />condamnation, where Lots are not valued separately by the <br />condemning authority or by the court. Prgceeds of condemnation <br />shall be distributed among Lot owners land their respective <br />mortgagees according to the relative valuesI of the Lots affected <br />by the condemnation. The fair market valu~ s of the Lots shall be <br />determined by taking the average of two in~ ~pendent appraisals as <br />commissioned by the Association. If any owner or first lender <br />disputes the Board's determination, the disp ~te shall be submitted <br />to arbitration pursuant to the rules an¢ procedures that are <br />equivalent in substance to the co~=~,ercial ar )itration rules of the <br />American Arbitration Association or the Streamlined or <br />Comprehensive Rules and Regulations of J~. 4S/ENDISPUTE, and the <br />d~cisio~ of the arbitrator shall be conclus~ve and binding on all <br />owners and their mortgagees. <br /> <br /> 41 <br /> <br /> <br />