Miscellaneous Proceeds. The proceeds received by the Contractor, other than for the sale or other disposal of Hydrocarbons from an Exploitation Area, which are directly related to the conduct of the Hydrocarbons Operations, including, but not limited to, the items listed below, shall be credited to the accounting records.
Miscellaneous Proceeds. Upon receipt by the Association of any insurance Proceeds, Expropriation awards or other monies resulting from any Destruction or Expropriation, the Board shall deposit them into a bank or other financial institution selected by the Board. If the Association undertakes the Restoration, the Board shall also cause the balance of any Restoration Funds to be deposited with the financial institution, plus all Funds collected as a result of any Special Charge on the Owners to make up any deficiency. Disbursement of such funds shall be made only upon the signatures of two (2) Directors. Disbursements to contractors performing any Restoration work shall be made periodically as the work progresses.
Miscellaneous Proceeds. Upon receipt by the Association of any insurance Proceeds, Expropriation awards or other monies resulting from any Destruction or Expropriation, the Board shall deposit them into a bank or other financial institution selected by the Board. If the Association undertakes the Restoration, the Board shall also cause the balance of any Restoration Funds to be deposited with the financial institution, plus all Funds collected as a result of any Special Charge on the Owners to make up any deficiency. Disbursement of such funds shall If the Property or the Project or any part thereof becomes the subject of or is threatened by an Expropriation or is otherwise sought by any expropriating authority the result of which could be an Expropriation or there is any Destruction, the Association shall give timely written notice thereof to each Owner. Such notice shall include (i) notice of the Board's estimate of the cost of the Restoration (ii) if an Expropriation, whether it is a Partial Taking Affecting Cottages, a Partial Taking Not Affecting Cottages or, a Complete Taking of Cottages and, (iii) if a Destruction, whether it is a Partial Destruction of Cottages, a Partial Destruction Not Affecting Cottages or a Total Destruction.
