Agenda - Council - 06/11/1985 - Special

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I I I I I I I I I I I I I I I I I the case of damge to the Common Property, promptly deposit such additional Funds as are necessary to complete the reconstruction, unless there ts an election not to reconstruct pursuant to Section 7.5. Reconstruction shall be commenced and completed with due diligence, and in the event that it appears that work will not be completed In less than 180 days after said insurance proceeds are deposited in escrow as aforesaid, a performance bond or bonds covering the reconstruction shall be obtained by the Association prior to the expiration of said time. c. Disbursement of Funds on deposit For contracts for reconstruction shall be made by the title insurance company, subject to the following: (Il Approval of the "design Review Committee" pursuant to Article IX and the Board of Directors. (2) Receipt by the title insurance company of such sworn construction statements, lists of subcontractors, lien wavers and receipts as it shall determine to be appropriate. Disbursements may be by periodic or progress payments, and the title insurance company may make such inspections and withhold such payments as it deems necessary to insure completion in compliance with plans and specifications. The title insurance company shall be entitled to charge and the Association shall be empowered to pay a reasonable Fee for the services rendered by the title insurance company, and the Association may collect such charge from the Owners as a Common Expense. Section 7.4 Collection of Insurance Proceeds. Nothing contained in this Article VII shall be construed to make the title company responsible for collection or non-collection of any insurance proceeds; said parties being responsible solely for the insurance proceeds which come into its hands. The Association shall promptly collect or cause to be collected From the insurance carrier, the proceeds of the policies covering the damage. I Section 7.5 Election not to Reconstruct. Notwithstanding anything to the contrary in Article VII, in the event that a contract for reconstruction is not entered Into within sixty (60) days of the receipt and deposit of the Insurance proceeds with the title insurance company, the Owners may, pursuant to the procedures and voting requirements necessary to amend this Declaration, elect not to reconstruct the Common Property improvements, or to reconstruct only certain portions of the Common Property, and to disburse the proceeds of any insurance, or the excess portion thereof, to the Association. i Northfork page 16 of 25