AgdaPkt 2011-09-12 - Laserfiche WebLink

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6. 1. F. - Page 67 (4) That no part of the cost of the services and materials described in Section 9.12(e)(1) has been or is being made the basis for the disbursement of any funds in any previous or then pending application; and (5) That the amount held by the Depository will, after payment of the amount requested in the pending disbursement request, be sufficient to pay in full the cost of such repair or reconstruction. (f) In the event the insurance proceeds available for repair or reconstruction are less than the total cost of such repair or reconstruction, the Association shall first use sums from its accounts and, if necessary, shall levy a Special Assessment on all of the Owners in accordance with Section 4.4 to restore or rebuild the Development. (g) All such funds to be supplied by the Association shall be deposited with the Depository and shall be disbursed pursuant to the provisions of this Section. Section 9.13 Owners Vote Not to Rebuild In the event the Owners vote not to rebuild as described in Section 9.12(b) above, the Association shall, acting as attorney -in -fact for all the Owners, sell the remaining property on terms satisfactory to the Board. The net proceeds of the sale, together with the insurance proceeds, accrued reserves, interest and other funds, shall thereupon be distributed to the Owners according to the following procedure: the Board shall retain, at the Association's expense, an appraiser who is a member of the American Institute of Appraisers or other nationally recognized appraiser's organization who shall determine the fair market value of each Condominium as it existed immediately prior to the damage or destruction and whose determination of value shall be final. The Board shall then distribute to each Owner and his Mortgagees the following amounts: (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 Not 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 57 CCRS -One Marina. docx