Laserfiche WebLink
24 <br /> <br /> <br /> <br />section 5300(b)(9), is specified in the insurance policy declaration page, the Association may meet its <br />disclosure obligations by making copies of that page and distributing copies to all its Members. <br /> <br />H. Insurance General Requirements: All insurance policies required to be obtained <br />under this Article VIII shall be issued by responsible companies licensed in the State of California. All <br />such companies shall have a Best rating of not less than "AVIII" or an equivalent rating if Best ceases to <br />exist or provide a rating. <br /> <br />8.2. Damage or Destruction: If Project improvements are damaged or destroyed by fire or <br />other casualty, the improvements shall be repaired or reconstructed substantially in accordance with the <br />original as-built plans and specifications, modified as may be required by applicable building codes and <br />regulations in force at the time of such repair or reconstruction and subject to such alterations or upgrades <br />as may be approved by three (3) of the six (6) Owners, unless the cost of repair or reconstruction is <br />more than fifty percent (50%) of the current replacement costs of all Project improvements, available <br />insurance proceeds are not sufficient to pay for at least eighty-five percent (85%) of the cost of such <br />repairs or reconstruction, and three (3) of the six (6) Owners vote against such repair and reconstruction <br />and the First Lenders for such Owners Units approve of such vote in writing. <br /> <br />A. Costs of Damage - Condominiums: In the case of damage or destruction of a <br />Unit, whether by fire, earthquake or other causes, the Owner of that Condominium Unit shall be <br />responsible for the costs of repair or reconstruction that is not covered by insurance policies or is within the <br />deductible amount. If an Owner fails to pay the costs of such repair or reconstruction, the Association <br />may elect to pay for the uninsured portion of the cost or deductible amount and shall have the right to <br />assess the Owner(s) for the cost thereof as a Reimbursement Charge and to enforce the Reimbursement <br />Charge as provided in this Declaration. In any case where insurance proceeds are pre-empted by any <br />Owner's lender for application to said Owner's debt, the Association shall immediately impose an individual <br />Assessment upon said Owner's Condominium Unit equal in amount to such preemption pursuant to Section <br />4.3, and shall enforce such Assessment in accordance with Sections 4.3 and 5.2.G hereof. The proceeds <br />of such Assessment or lien shall then be substituted for the pre-empted insurance proceeds. <br /> <br />If, as a result of the destruction of the Project, a decision is made not to repair or reconstruct the <br />Project, and the Project is sold, the sales proceeds shall be distributed to all Owners and their respective <br />Mortgagees in proportion to their respective fair market values of their Condominiums as of the date <br />immediately preceding the date of damage or destruction as determined by the independent appraisal <br />procedure described above. For the purpose of effecting a sale under this Section 8.2.A, each Owner <br />grants to the Association an irrevocable power of attorney to sell the entire Project for the benefit of the <br />Owners, to terminate the Declaration and to dissolve the Association. In the event the Association fails to <br />take the necessary steps to sell the entire Project as required under this Ar ticle within sixty (60) days <br />following the date of a determination by the Board or arbitrator of a material alteration, or if within one hundred <br />twenty (120) days following the date of damage or destruction the Board has failed to make a determination <br />as to a material alteration, any Owner may file a partition action as to the entire Project under California Civil <br />Code section 4610, or any successor statute, and the court shall order partition by sale of the entire Project <br />and distribution of the sale proceeds as provided in this Declaration. <br /> <br />Notwithstanding anything herein to the contrary, any Owner shall have a right of first refusal to match <br />the terms and conditions of any offer made to the Association in the event of a sale of the Project under this <br />Section 8.2, provided this right is exercised within ten (10) days of receipt by the Owners of a notice from the <br />Association containing the terms and conditions of any offer it has received. If the Owner or group of <br />Owners subsequently default on their offer to purchase, they shall be liable to the other Owners and their <br />respective mortgagees for any damages resulting from the default. If more than one (1) Owner or group <br />elects to exercise this right, the Owners shall accept the offer that in its determination is the best offer. <br /> <br />8.3. Condemnation: The Association shall represent the Owners in any condemnation <br />proceedings or in negotiations, settlements and agreements with the condemning authority for acquisition <br />of the Common Area(s), or part of the Common Area(s). In the event of a taking or acquisition of part <br />111