AgdaPkt 2011-09-12 - Laserfiche WebLink

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6. 1. F. - Page 66 two (2) Owners if the meeting has not been called within fifteen (15) days of the damage or destruction and the Secretary shall give thirty (30) days written notice of the meeting to each Owner and his Mortgagees of record. Said Owners meeting shall be held at a suitable location on the Development or as close thereto as practicable which location shall be specified in such notice. (b) The Development shall be repaired or reconstructed in substantial accordance with the latest available construction plans and specifications as hereinafter provided unless in such special Owners meeting at least three - quarters (3/4) of the total voting power of each class of Owners casts votes against such repair or reconstruction in which event the provisions of Section 9.13 shall immediately become applicable. (c) Unless, in the manner provided above, the requisite number of votes are cast against such repair or reconstruction, all of the insurance proceeds payable on account of such damage or destruction shall be deposited with a commercial lending institution experienced in the disbursement of construction loan funds (the "Depository "). The Depository shall be appointed by the Association. Such funds shall be disbursed in accordance with the normal construction loan practices for the Depository and which shall be reasonably acceptable to the Board. The restoration or reconstruction shall be substantially in accordance with the latest available construction plans and specifications for the Development modified as may be required by available materials, state of the art construction and applicable building codes and regulations in force at the time of such repair or reconstruction or in accordance with such other plans and specifications as may be approved by a majority of all Owners; provided, however, any Owner's requested modification to the latest available construction plans and specifications of his Unit shall be approved unless (i) the cost of construction pursuant to the modification exceeds the cost of reconstruction according to the latest available construction plans and specifications, (ii) it affects the Common Area, or (iii) it affects the square footage of, permitted use of, utility service to, easements in favor of or number of Units. (d) The Association shall designate a construction consultant (the "Construction Consultant "), general contractor (the "General Contractor ") and architect (the "Architect ") for the repair or reconstruction contemplated by this Section. (e) The insurance proceeds payable on account of such damage or destruction shall be deposited with the Depository and shall be disbursed in accordance with the normal construction loan practices of the Depository upon the receipt of appropriate mechanics lien releases and upon the certification of the Construction Consultant, the General Contractor and the Architect dated not more than ten (10) days prior to any such request for disbursement setting forth the following: (1) That all of the work completed as of the date of such request for disbursement has been done in compliance with the approved plans and specifications; (2) That such disbursement request represents monies which either have been paid by or on behalf of the Construction Consultant, the General Contractor or the Architect and /or is justly due to contractors, subcontractors, materialmen, engineers or other Persons (whose name and address shall be stated) who have rendered or furnished certain services or materials for the work, giving a brief description of such services and materials and the principal categories thereof, the respective amounts paid or due to each of said Persons in respect thereof and stating the progress of the work up to the date of said certificate; (3) That the sum then requested to be disbursed plus all sums previously disbursed does not exceed the cost of the work insofar as actually accomplished up to the date of such certificate; 56 CCRS -One Marina. docx