Common use of WAIVER OF RESTORATION Clause in Contracts

WAIVER OF RESTORATION. If Restoration is not undertaken following any Destruction or Expropriation, or, if, after the completion of the Restoration, there are less Cottages in the Project than existed prior to the Destruction or Expropriation, any insurance Proceeds or Expropriation Proceeds shall be disbursed as follows: (a) if there occurs a Total Destruction of Cottages or a Complete Taking of Cottages, a portion of the Restoration Funds equal to each Owner’s One Share of Project Expenses shall be disbursed to that Owner, provided that on or before any disbursement to each such Owner, that Owner must pay all of his/her debts accrued and owing to the Association; and (b) if (i) there occurs a Partial Taking of Cottages such that any of the Cottages affected cannot be replaced by the construction of another Cottage, all in a manner satisfactory to the Board; or (ii) there occurs a Partial Destruction of Cottages such that any of the Cottages affected will not be repaired or restored then, in either case that portion of the Expropriation Proceeds or insurance Proceeds allocable to the eliminated Cottage shall be disbursed to those Owners whose Intervals apply to the Cottage or Cottages eliminated. The Interval of each Owner in an eliminated Cottage shall cease to be part of the Project and each such Owner shall cease to have reservation and use rights and to be a member of the Association. Each of the Owners of an Interval in an eliminated Cottage shall promptly release his/her ownership share to the Association in a suitable registerable document, and each such Owner must do so on or before any disbursement to him, and on or before any disbursement to each such Owner, he must also pay all of his/her debts accrued and owing to the Association. The Project shall then be reconstituted without the eliminated Cottage or Cottages and the Intervals in such eliminated Cottage or Cottages vested and released to the Association, the ownership share of the remaining Owners shall be adjusted.

WAIVER OF RESTORATION. If Restoration is not undertaken following any Destruction or Expropriation, or, if, after the completion of the Restoration, there are less Cottages in the Project than existed prior to the Destruction or Expropriation, any insurance Proceeds or Expropriation Proceeds shall be disbursed as follows: (a) if there occurs a Total Destruction of Cottages or a Complete Taking of Cottages, a portion of the Restoration Funds equal to each Owner’s One Share of Project Expenses shall be disbursed to that Owner, provided that on or before any disbursement to each such Owner, that Owner must pay all of his/her debts accrued and owing to the Association; and (b) if (i) there occurs a Partial Taking of Cottages such that any of the Cottages affected cannot be replaced by the construction of another Cottage, all in a manner satisfactory to the Board; or (ii) there occurs a Partial construction of another Cottage, all in a manner satisfactory to the Board; or (ii) there occurs a Partial Destruction of Cottages such that any of the Cottages affected will not be repaired or restored then, in either case that portion of the Expropriation Proceeds or insurance Proceeds allocable to the eliminated Cottage shall be disbursed to those Owners whose Intervals apply to the Cottage or Cottages eliminated. The Interval of each Owner in an eliminated Cottage shall cease to be part of the Project and each such Owner shall cease to have reservation and use rights and to be a member of the Association. Each of the Owners of an Interval in an eliminated Cottage shall promptly release his/her ownership share to the Association in a suitable registerable document, and each such Owner must do so on or before any disbursement to him, and on or before any disbursement to each such Owner, he must also pay all of his/her debts accrued and owing to the Association. The Project shall then be reconstituted without the eliminated Cottage or Cottages and the Intervals in such eliminated Cottage or Cottages vested and released to the Association, the ownership share of the remaining Owners shall be adjusted.

WAIVER OF RESTORATION. If Restoration is not undertaken following any Destruction or Expropriation, or, if, after the completion of the Restoration, there are less Cottages in the Project than existed prior to the Destruction or Expropriation, any insurance Proceeds or Expropriation Proceeds shall be disbursed as follows: (a) if there occurs a Total Destruction of Cottages or a Complete Taking of Cottages, a portion of the Restoration Funds equal to each Owner’s One Share of Project Expenses shall be disbursed to that Owner, provided that on or before any disbursement to each such Owner, that Owner must pay all of his/her debts accrued and owing to the Association; and (b) if (i) there occurs a Partial Taking of Cottages such that any of the Cottages affected cannot be replaced by the construction of another Cottage, all in a manner satisfactory to the Board; or (ii) there occurs a Partial Destruction of Cottages such that any of the Cottages affected will not be repaired or restored then, in either case that portion of the Expropriation Proceeds or insurance Proceeds allocable to the eliminated Cottage shall be disbursed to those Owners whose Intervals apply to the Cottage or Cottages eliminated. The Interval of each Owner in an eliminated Cottage shall cease to be part of the Project and each such Owner shall cease to have reservation and use rights and to be a member of the Association. Each of the Owners of an Interval in an eliminated Cottage shall promptly release his/her ownership share further Destruction or reasonably necessary to avoid substantial reduction in the Association in a suitable registerable document, and each such Owner must do so on or before any disbursement to him, and on or before any disbursement to each such Owner, he must also pay all value of his/her debts accrued and owing to the Association. The Project shall then be reconstituted without the eliminated Cottage or Cottages and the Intervals in such eliminated Cottage or Cottages vested and released to the AssociationProperty, the ownership share of the remaining Owners shall be adjustedProject or any part thereof.

WAIVER OF RESTORATION. If Restoration is not undertaken following any Destruction or Expropriation, or, if, after the completion of the Restoration, there are less Cottages in the Project than existed prior to the Destruction or Expropriation, any insurance Proceeds or Expropriation Proceeds shall be disbursed as follows: : (a) if there occurs a Total Destruction of Cottages or a Complete Taking of Cottages, a portion of the Restoration Funds equal to each Owner’s One Share of Project Expenses shall be disbursed to that Owner, provided that on or before any disbursement to each such Owner, that Owner must pay all of his/her debts accrued and owing to the Association; and and (b) if (i) there occurs a Partial Taking of Cottages such that any of the Cottages affected cannot be replaced by the construction of another Cottage, all in a manner satisfactory to the Board; or (ii) there occurs a Partial Destruction of Cottages such that any of the Cottages affected will not be repaired or restored then, in either case that portion of the Expropriation Proceeds or insurance Proceeds allocable to the eliminated Cottage shall be disbursed to those Owners whose Intervals apply to the Cottage or Cottages eliminated. The Interval of each Owner in an eliminated Cottage shall cease to be part of the Project and each such Owner shall cease to have reservation and use rights and to be a member of the Association. Each of the Owners of an Interval in an eliminated Cottage shall promptly release his/her ownership share to the Association in a suitable registerable document, and each such Owner must do so on or before any disbursement to him, and on or before any disbursement to each such Owner, he must also pay all of his/her debts accrued and owing to the Association. The Project shall then be reconstituted without the eliminated Cottage or Cottages and the Intervals in such eliminated Cottage or Cottages vested and released to the Association, the ownership share of the remaining Owners shall be adjusted.