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<br />Association to the extent of 8uch reduction and shall pay the <br />amount of such reduction to tl18 Association upon demand, and <br />assigns the proceeds of his insuranca, to the extent of such <br />reduction to the Association. <br />7.7. Ne~otiation of Losses. The Association, or <br />insurance tn stee if authorized by the Board, shall ha~'e exclusive <br />authority to ~egotiate 108ses ~nJer insurance policies obtained by <br />the Association. <br /> <br />ARTICLF. VII[. <br /> <br />Casualty Damage <br />If all or any part of the Property shall be damaged or <br />destroyed, the same shall he repaired or replaced, and proceeds of <br />insurance shall be used and applied, and reallocation of interest <br />in the Common Elements, votes dnd share of Common Expenses made, <br />in accordance with the provisions of Section SlSA.3-ll2(d) and (9) <br />of the Act. Repair or replaceMent shall be done substantially in <br />accordance with this Decl~ration and the iloar Plans. <br />Such damage or destruction shall be repaired or replaced <br />unless other action is approved oy First Mortgagees of First <br />Mor.tgages on Units which have at least 51 percent of the votes of <br />all Units subject to First Mortgages. The provisions in this <br />~rticle for approval of First Mortgagees shall be in a1dition to <br />the approvals required by said Section 5151\.3-l12(g) of the Act. <br /> <br />-26- <br />