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<br /> <br />4810-5342-0509, v. 2 <br /> 55 <br /> <br />Condominium that is being purchased shall be subject to any Assessment intended to be used as a source <br />of such funds. <br />(d) Distribution of Proceeds. The proceeds from the sale, together with <br />the insurance proceeds received and any reserve funds allocated to the Damaged Building, after deducting <br />therefrom the Association’s sale expenses, including commissions, title and recording fees, and legal costs, <br />shall be distributed among the Owners in the Damaged Building and their respective Mortgagees, in <br />proportion to the respective fair market values of these Condominiums immediately prior to the date of the <br />event causing the damage as determined by an independent appraisal made by a qualified real estate <br />appraiser selected by the Board. <br />If a Damaged Building is removed and not restored so that the new building contains the same <br />number of Condominiums as the removed building, the Board shall take appropriate steps to adjust the <br />property interests of the remaining Owners and to effect such amendments as may be necessary to this <br />Declaration, the Condominium Plan and the Map to reflect the revised property interests and other related <br />changes. <br />11.3 Rebuilding Contract. The Board or its authorized representative shall obtain bids from at <br />least two (2) licensed and reputable contractors and shall accept the restoration work from whomever the <br />Board determines to be in the best interests of the Members. The Board shall have the authority to enter <br />into a written contract with the contractor for such restoration, and the insurance proceeds shall be <br />disbursed to the contractor according to the terms of the contract. The Board shall take all steps necessary <br />to assure the commencement and completion of authorized restoration at the earliest possible date. Such <br />restoration shall be commenced no later than one hundred eighty (180) days after the event requiring <br />restoration and shall thereafter be diligently prosecuted to completion. Such restoration shall return the <br />damaged Improvements to substantially the same condition and appearance in which it existed prior to the <br />damage or destruction. <br />11.4 Private Streets. The Association shall restore the Private Streets. In the event the <br />proceeds of insurance are not sufficient to cause such restoration, the Board shall levy a Special <br />Assessment to the Owners to provide the necessary funds for such restoration. <br />11.5 Insurance Trustee. All property insurance proceeds payable to the Association under the <br />policy described in Article 10 (Insurance), subject to the rights of Mortgagees under Article 13 (Rights of <br />Mortgagees), may be paid to a trustee as designated by the Board to be held and expended for the benefit <br />of the Owners and Mortgagees, as their respective interests shall appear. The trustee shall be a <br />commercial bank or other financial institution with trust powers in the county in which the Community is <br />located that agrees in writing to accept such trust. If repair or reconstruction is authorized, the Association <br />will have the duty to contract for such work as provided for in this Declaration. <br />11.6 Authority to Effect Changes. If any adjacent Units or portion thereof are damaged or <br />destroyed or in need of renovation or rehabilitation and the Units are repaired or reconstructed pursuant to <br />the provisions set forth herein, the Unit may be repaired or reconstructed in a manner that alters the <br />boundaries of such Units or the adjacent Association Property provided the following conditions are <br />satisfied: <br />11.6.1 the alteration has been approved by the Board, by the holders of any First <br />Mortgages to the extent required herein and the Owners of the affected Units; <br />11.6.2 the Board has determined that the alteration is necessary in order to comply <br />with current building code requirements, to meet current building construction standards and procedures, <br />or to improve the conditions and quality of the affected Units; <br />11.6.3 the alteration does not materially change the location of any Unit or materially <br />reduce the size of any Unit without the consent of the Owner and the holders of any First Mortgages thereon. <br />308