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- 23 - <br /> <br />the improvements affected to substantially the same <br />condition as existed immediately prior to the insured <br />loss; provided, however, that no contract shall be <br />entered into for an amount in excess of the insurance <br />proceeds until additional funds are deposited sufficient <br />to cover all construction costs as approved by the <br />Association. The Association shall, in the case of <br />damage to the Common Property, promptly deposit such <br />additional funds as are necessary to complete the <br />reconstruction, unless there is an election not to <br />reconstruct pursuant to Section 7.5. Reconstruction <br />shall be commenced and completed with due diligence, and <br />in the event that it appears that work will not be <br />completed in less than 180 days after said insurance <br />proceeds are deposited in escrow as aforesaid, a <br />performance bond or bonds covering the reconstruction <br />shall be obtained by the Association prior to the <br />expiration of said time. <br /> <br />Disbursement of funds on deposit for contracts for <br />reconstruction shall be made by the title insurance <br />company, subject to the following: <br /> <br />(1) Approval of the "Design Review Committee" <br /> to Article IX and the Board of Directors. <br /> <br />pursuant <br /> <br />(2) <br /> <br />Receipt by the title insurance company of such <br />sworn construction statements, lists of <br />subcontractors, lien waivers and receipts as it <br />shall determine to be appropriate. Disbursements <br />may be by periodic or progress payments, and the <br />title insurance company may make such inspections <br />and withhold such payments as it deems necessary to <br />insure completion in compliance with pIans and <br />specifications. The title insurance company shall <br />be entitled to-charge and the Association shall be <br />empowered to pay a reasonable fee for the services <br />rendered by the title insurance company, and the <br />Association may collect such charge from the Owners <br />as a Common Expense. <br /> <br />Section 7.4 Collection of Insurance Proceeds. Nothing <br /> <br />contained in this Article VII shall be construed to make the <br /> <br />title company responsible for collection or non-collection of any <br /> <br />insurance proceeds; said parties being responsible solely for the <br /> <br />insurance proceeds which come into its hands. The Association <br /> <br />shall promptly collect or cause to be collected from the <br /> <br /> <br />