Suit for Proceeds. The Board is hereby granted the power and authority, on behalf of the Owners, to sue for or settle upon the amount of insurance Proceeds and Expropriation Proceeds. Any settlement made by the Board is final and binding on all Owners.
Suit for Proceeds. The Board is hereby granted the power and authority, on behalf of the Owners, to sue for or settle upon the amount of insurance Proceeds and Expropriation Proceeds. Any settlement made by the Board is final and binding on all Owners. Destruction of Cottages and a Complete Taking of Cottages). If after Restoration is completed and there remain any Restoration Funds after all costs of Restoration are paid, the excess shall be applied as the Board shall determine for the benefit of the Owners who were assessed a Special Charge. 10.06
Suit for Proceeds. The Board is hereby granted the power and authority, on behalf of the Owners, to sue for or settle upon the amount of insurance Proceeds and Expropriation Proceeds. Any settlement made by the Board is final and binding on all Owners. ARTICLE XI CHANGING AND TERMINATING THE PROJECT AND THIS AGREEMENT/RULES PART A - CHANGING THE DOCUMENTS 11.01 How this Agreement may be Changed by the Owners: Except as otherwise stated herein, the Owners may amend this Agreement at any regular or special meeting of the Association, if the Owners of a majority of all Intervals vote for the change. If, however, a percentage greater than a majority is required by law or by any other part of this Agreement, the Owners of that percentage of Intervals must vote for the change. The following changes may not be made unless the Owner affected also gives that Owner’s written approval: (a) an Owner’s Share; (b) an Owner’s designated Fixed Week or the number of Floating Weeks to which an Owner is entitled; or (c) the number of Floating Weeks in any Season; (d) Owners’ voting rights; or (e) the rotational procedure for the reservation of Floating Weeks, as set out in Exhibit “C” to this Agreement. The consent of the Owners owning not less than sixty-seven (67%) percent of all Intervals shall be required for any amendment or action which would: (a) change the method of levying assessments or Charges for Capital Improvements to the Property in excess of SEVENTY-FIVE THOUSAND ($75,000.00) DOLLARS; (b) permitting insurance Proceeds to be used for purposes other than repair of the insured casualty until such repair has been completed and paid for in full. 11.02
