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improvements. <br />Election Not to Rebuild <br />Section 7.02. Upon an election not to rebuild, the Board as soon <br />as reasonably possible and as agent for the Owners, shall <br />distribute insurance proceeds available for restoration or <br />repair, if any, to the Owners equally. <br />Condemnation of Project Easement Area <br />Section 7.03. In the event of the condemnation of the Project <br />Easement Area or any portion thereof, the proceeds of any <br />condemnation award shall first be used to restore or replace the <br />portion of the Project Easement Area affected by said <br />condemnation, if restoration or replacement is possible, and any <br />remaining funds, after payment of any and all expenses and fees <br />incurred by the Association relating to such condemnation, shall <br />be distributed to or among the Owners in proportion to their <br />respective loss of land and/or use of the Project Easements, but <br />subject to the rights of any mortgagee to all or any portion of <br />the share due any owner. <br />Duty to Maintain, Restore and Rebuild Individual Lots <br />Section 7.04. Each Owner agrees to maintain his or her Lot in <br />good condition and repair. Upon receipt of any insurance <br />proceeds payable as a result of damage or destruction to a Lot, <br />the Owner agrees, subject to any prior rights of a Mortgagee of <br />the Lot as referenced in Section 8.04 below, to rebuild and <br />restore the Lot so that its value after such restoration or <br />rebuilding is equal to or greater than its value immediately <br />prior to such damage or destruction. <br />ARTICLE VIII. RIGHTS OF MORTGAGEES <br />Warranty <br />Section 8.01. Declarant hereby warrants that Mortgagees of Lots <br />in the Project shall be entitled to the rights and guaranties <br />set forth in this Article. No amendment of this Article shall <br />affect the rights of the holder of any First mortgage recorded <br />prior to the recordation of the amendment who does not join in <br />the execution of the amendment. <br />Notice of Default <br />Section 8.02. Upon request, a First Mortgagee will be entitled <br />to written notification from the Association of any default in <br />the performance by the Mortgagor of any obligation under the <br />Association's Governing Instruments that is not cured within 60 <br />days. <br />15 <br />