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.
Appears in 4 contracts
Samples: Owners Agreement, Owners Agreement, Inaski Shores Owners Agreement
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.. 10.05
Appears in 1 contract
Samples: Owners Agreement
