Partial Destruction Not Affecting the Cottages is defined in Section 10.01; “Partial Taking” is defined in Section 10.01;
Partial Destruction Not Affecting the Cottages exists whenever, as a result of any fire or other casualty any Association Property or the Project, or any part thereof has been damaged or destroyed, but not any of the Cottages. A “Partial Destruction of Cottages” exists whenever, as a result of any fire or other casualty any one (1) or more but less than all of the Cottages have been damaged or destroyed. A “Total Destruction of Cottages” exists whenever, as a result of any fire or other casualty, all of the Cottages have been damaged or destroyed.
Partial Destruction Not Affecting the Cottages is defined in Section 10.01;
More Definitions of Partial Destruction Not Affecting the Cottages
Partial Destruction Not Affecting the Cottages exists whenever, as a result of any fire or other casualty any Association Property or the Project, or any part thereof has been damaged or destroyed, but not any of the Cottages. A “Partial Destruction of Cottages” exists whenever, as a result of any fire or other casualty any one (1) or more but less than all of the Cottages have been damaged or destroyed. A “Total Destruction of Cottages” exists whenever, as a result of any fire or other casualty, all of the Cottages have been damaged or destroyed. (b) “Expropriation” means the taking of any interest by a governmental authority, or the transfer of such interest in anticipation of such exercise. There can be a “Partial Taking” or a “Total Taking”. There are two (2) kinds of Partial Taking. A “Partial Taking Not Affecting Cottages” means the expropriation of the Project or any part thereof, but not of any of the Cottages. A “Partial Taking of Cottages” means the Expropriation of any one (1) or more but less than all of the Cottages. A “Complete Taking of Cottages” means the Expropriation of all of the Cottages. (c) “Restoration” following any Destruction or Expropriation means the repair, reconstruction or replacement of the Association Property or the Project, to restore them to an attractive, sound, functional and desirable condition as an upscale resort, including, if the Board deems it desirable or necessary, the replacement of any improvements taken. In either case, if reasonably possible, taking into account the portions damaged or destroyed by any Destruction or taken by Expropriation, Restoration shall conform to the original plans and specifications; but if the Board decides that conforming to such original plans and specifications is impracticable or is not in compliance with applicable laws, ordinances, building codes or other governmental rules or regulations then in effect, then Restoration shall be of a kind and quality substantially the same as the condition as such portions existed before the Destruction or Expropriation. (d) “Restoration Funds” in the case of any Destruction, means: (i) Proceeds from insurance, received by the Association as a result of the Destruction, but deducting there from reasonable and necessary costs and expenses incurred, if any, to collect the same, including, without limitation, legal fees, appraiser’s and adjuster’s fees and court costs, and (ii) any surplus funds and those amounts, if any, held in the Capital Reserve Account. “Restoration Funds” in the case o...