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7.1.F. - Page 126 <br /> said Owner's debt, the Association shall immediately impose an individual Assessment upon said <br /> Owner's Condominium Unit equal in amount to such preemption pursuant to Section 4.3, and shall <br /> enforce such Assessment in accordance with Sections 4.3 and 5.2.F hereof. The proceeds of <br /> such Assessment or lien shall then be substituted for the pre-empted insurance proceeds. <br /> F. Process For Repair or Reconstruction: If the improvement is to be repaired <br /> or reconstructed and the cost for repair or reconstruction is in excess of twenty-five percent (25%) <br /> of the current replacement cost of all the Project improvements, the Board shall designate a <br /> construction consultant, a general contractor, and an architect for the repair or reconstruction. All <br /> insurance proceeds, Association monies allocated for the repair or reconstruction, and any <br /> borrowings by the Association for the repair or reconstruction shall be deposited with a commercial <br /> lending institution experienced in the disbursement of construction loan funds (the "Depository") as <br /> selected by the Board. Funds shall be disbursed in accordance with the normal construction loan <br /> practices of the Depository that require as a minimum that the construction consultant, general <br /> contractor and architect certify within ten (10) days prior to any disbursement substantially the <br /> following: <br /> (1) that all of the work completed as of the date of such request for <br /> disbursement has been done in compliance with the approved plans and specifications; <br /> (2) that such disbursement request represents monies which either have <br /> been paid by or on behalf of the construction consultant, the general contractor or the architect <br /> and/or are justly due to contractors, subcontractors, materialmen, engineers, or other persons <br /> (whose name and address shall be stated) who have rendered or furnished certain services or <br /> materials for the work and giving a brief description of such services and materials and the <br /> principal subdivisions or categories thereof and the respective amounts paid or due to each of <br /> those persons in respect of such services and stating the progress of the work up to the date of <br /> the certificate; <br /> (3) that the sum then requested to be disbursed plus all sums previously <br /> disbursed does not exceed the cost of the work insofar as actually accomplished up to the date of <br /> such certificate; <br /> (4)that no part of the cost of the repair or reconstruction has been or is <br /> being made the basis for the disbursement of any funds in any previous or then pending <br /> application; <br /> (5)that the amount held by the Depository, after payment of the amount <br /> requested in the pending disbursement request, will be sufficient to pay in full the costs necessary <br /> to complete the repair or reconstruction; and, <br /> (6)that mechanics' lien releases have been obtained from those eligible <br /> to file lien claims. <br /> If the cost of repair or reconstruction is less than twenty-five percent (25%) of the <br /> current replacement cost of all the Project improvements, the Board shall disburse the available <br /> funds for the repair and reconstruction under such procedures as the Board deems appropriate <br /> under the circumstances. <br /> The repair or reconstruction shall commence as soon as reasonably practicable after <br /> the date of such damage or destruction and shall be completed as quickly as is reasonably <br /> practicable after commencement of reconstruction, subject to delays that are beyond the control of <br /> the party responsible for making the repairs. The Owner of the damaged or destroyed <br /> improvement (and the Board, in the case of damage to the Common Area) immediately shall take <br /> such steps as may be reasonably necessary to secure any hazardous condition and to screen any <br /> unsightly views resulting from the damage or destruction. <br /> In the event the work required to repair or restore damage or destruction involves work that <br /> is the responsibility of Owner and the Association as provided in Sections 7.22 and 5.1.A, then all <br /> of such work shall be directed by the Board, with the expense to be allocated between Owner and <br /> the Association pursuant to Sections 7.22 and 5.1.A. If more than one Owner is involved, the <br /> expense to be paid by each Owner shall be apportioned by the Board. If the Association is <br /> 63 <br /> [DRAFT][05.03.14] C:\Program Files\Neevia.Com\Document Converter\temp\4056.doc <br />