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7/17/2007 12:41:54 PM
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12/8/2004 3:51:42 PM
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<br />". <br /> <br />c <br /> <br />Section 13. Association Assets: Surplus Funds. All funds and real or <br />personal property acquired by the Association shall be held and used for the benefit of the <br />Owners for the purposes stated in the Governing Documents. Surplus funds remaining after <br />payment of or provision for Common Expenses and reserves shall be credited against future <br />assessments or added to reserves, as determined by the Board. <br /> <br />Section 14. Conflicts Arnone: Documents. In the event of any conflict among <br />the provisions of the Act, this Declaration, the By-Laws or any Rules or Regulations approved <br />by the Association, the Act shall control. As among this Declaration, the By-Laws and Rules <br />and Regulations, this Declaration shall control, and as between the By-Laws and the Rules <br />and Regulations, the By-Laws shall control. <br /> <br />ARTICLE XIII <br />CONDEMNATION. LOSS OR DESTRUCTION OF PROPERTY <br /> <br />Section 1. Procedure. If all or any portion of the properties except Party <br />Wall, to the extent provided for in Article VII of this Declaration, is damaged, or destroyed, <br />or taken by the power of eminent domain, or by deed in lieu thereof, the following applies: <br /> <br />A. If less than one-half of the buildings are destroyed the restoration or repair shall <br />be performed and comply with the requirements of Section 4 of Article XIII of <br />this Declaration and must be made to harmonize, as much as possible, with the <br />remaining units and shall be completed within 180 days from the date of <br />damage. However, if at least seventy-five percent (75%) of the members and <br />seventy-five percent (75%) of the Eligible Mortgagees, based upon one vote for <br />each Eligible Mortgage held, give their prior written approval within thirty (30) <br />days of the date of the damage, the restoration or reconstruction may be <br />performed without need to comply with the requirements of Article VIII of this <br />Declaration, or Section 4 of Article XIII of this Declaration. <br /> <br />B. In the event more than one-half of the buildings are destroyed, taken, or deeded <br />in lieu of taking, provisions shall be made for restoration or reconstruction <br />within 180 days from the date of damage unless within 60 days of the date of <br />damage at least seventy-five percent (75%) of the members and seventy-five <br />percent (75%) of the Eligible Mortgagees, based upon one vote for each first <br />mortgage held, give their prior written approval of a decision not to rebuild or <br />restore. <br /> <br />Section 2. Non-Restoration. In the event that it is decided not to restore or <br />rebuild, the Board of Directors shall file for record with the County Recorder and Registrar <br />of Titles a notice setting forth such decision. Upon filing the Notice: <br /> <br />A. This Declaration shall be considered terminated and the properties shall be free <br />of all covenants, conditions and restrictions contained in this Declaration except <br />as provided for in Clause E hereof. <br /> <br />B. The properties, except for the Lots, and all funds which the Association has <br />collected pursuant to Article V of this Declaration hereinafter referred to as <br />"Funds", shall be deemed to be owned in common by the Owners, each with <br />an equal and undivided interest. <br /> <br />20 <br />
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