Laserfiche WebLink
11.6 Disbursement. Insurance proceeds shall first be disbursed by the <br />Association for the repair or restoration of the damaged Units, Limited Common Elements, <br />and Common Elements, and the Unit Owners and their Mortgagees shall not be entitled to <br />receive payment of any portion of the insurance proceeds unless the Association has <br />determined not to rebuild, or a court of law has ordered partition of the Condominium <br />property, and the same can be legally accomplished under the City of Fitchburg General <br />Ordinances, or there is a surplus of insurance proceeds after the Common Elements, <br />Limited Common Elements, and Units, have been completely repaired or restored. <br />11.7 Commencement. Except as provided in Section 11.5, all insurance required <br />by this Declaration shall be purchased and maintained by the Association commencing on <br />or before the date of the closing of the sale of the first Unit. <br />ARTICLE XII <br />REPAIR OR RECONSTRUCTION <br />In the event the Condominium is damaged or destroyed, in whole or in part, the <br />Association shall promptly undertake to repair or reconstruct the damaged portion of the <br />Condominium to its former condition unless, by the affirmative vote of Unit Owners <br />representing at least seventy-five (75%) percent of the votes in the Association as set forth <br />in the third column of Exhibit "C" as amended from time to time and their first Mortgagees, <br />a contrary decision is made. Upon reconstruction, the Association may vary the design, <br />plan, and specifications of the Condominium from that of the original; provided, however, <br />the number of square feet for any Unit may not vary by more than five (5%) percent from <br />the number of square feet for such Unit existing immediately prior to the damage or <br />destruction (unless Unit Owners owning at least seventy-five (75%) percent of the Units <br />agree otherwise); and provided, further, the location and floor plan of the buildings and <br />Units therein shall be substantially the same as they were prior to the damage. In the <br />event of any variance, an amendment to the Declaration and an addendum to the <br />Condominium Plat shall be recorded. In the event insurance proceeds are insufficient to <br />pay the estimated or actual costs of reconstruction, the shortage shall be considered a <br />Common Expense, and the Association shall have the responsibility and the right to levy <br />assessments against the Unit Owners as provided herein. <br />ARTICLE XIII <br />EMINENT DOMAIN <br />In the event of a taking of all or any portion of the Common Elements under the <br />power of eminent domain, the provisions of Sections 703.19 and 703.195, of the Act, shall <br />control; provided, however, the affirmative vote of at least fifty-one (51 %) percent of the <br />first Mortgagees, calculated on a per -Unit basis, shall also be required in order to partition <br />the Condominium; and provided, further, if Common or Limited Common Elements are <br />taken, the same shall be reconstructed by the Association if practical to do so. <br />ARTICLE XIV <br />2-21 <br />