Condemnation
ARTICLE XV
CONDEMNATION
15.01 Condemnation or Other Governmental Taking. If all or any part of the Common Property are taken by any authority having the power of condemnation or eminent domain, or are conveyed in lieu thereof by the Association with the approval of at least seventy-live percent (75%) of the Class A Members and of Declarant, as long as Declarant owns at least one (1) Lot or hasthe right to annex property to the Subdivision, the award or proceeds made or collected for such taking or sale in lieu thereof are payable to the Association. The Association shall disburse or hold such award or proceeds as follows:
(a) If the taking or sale in lieu thereof involves a portion ofthe Common Property on which improvements have been constructed, then, tmless within sixty (60) days after such taking, Declarant, as long as Declarant owns at least one (1) Lot or has the right to annex property to the Subdivision, together with at least seventy-live percent (75%) of the Class A Members, decide otherwise, the Association shall restore or replace the improvements to the extent practicable, on other existing Common Property, in accordance with the plans approved by the Associartziom, the ACC, and by Declarant. If the awards or proceeds are not sufficient to defray the cost of repair and! replacement of the improvements and such deficiency cannot be appropriated from a reserve fund! established for such purpose, the Association may levy one or more Special Assessments, in an amount sufficient to provide funds to pay such excess cost of repair or reconstruction. mf such improvements are not repaired or restored, the Association shall retain the award or proceeds for the benefit ofthe Association.
(b) If the taking or sale in lieu thereof does not involve any improvements to the Common Property, or if there are excess ftmds remaining after any restoration or replacement ofthe improvements, then the Association shall retain the award, proceeds, or excess funds for the benefit of the Association.
(c) If the taking or sale in lieu thereof includes all or any part of the Common Property then a court of competent jurisdiction shall apportion such award or proceeds between the Association and the Owners ofthe other property taken so as to give just compensation to each. In lieu of seeking judicial apportionment, (i) the Association, (ii) the Owners and their lenders of all Lots and Residences wholly or partially taken, and (iii) Declarant, as long as Declarant owns at least one (l) Lot or has the right to annex property to the Subdivision, may mutually agree on the method of apportionment.
15.02 Condemnation of Lots.
(a) If all or any part of a Lot is taken by any authority having the power of condemnation or eminent domain, or is conveyed in lieu thereof and the Owner elects not to restore the remainder of the Lot, then the Owner shall promptly remove any remaining improvements damaged or destroyed by such taking or conveyance and shall leave the Lot in a clean, orderly, safe, and sightly condition. In addition, if the size or configuration ofthe Lot remaining alter such taking or conveyance is insufficient to permit the restoration of the remaining improvements thereon or therein to their condition prior to such taking or conveyance in compliance with all applicable standards, restrictions, and provisions of this Declaration and all applicable zoning, subdivision, building, and other governmental regulations, then the Owner, after removing all remaining improvements and placing the Lot in a clean, orderly, safe, and sightly condition, may deed the remaining portion of the Lot to the Association as a part of the Common Property. Upon the conveyance by an Owner of his remaining portion of a Lot, the Owner shall not be a Member.
(b) If any part of a Lot is taken by any authority having the power of condemnation or eminent domain, or is conveyed in lieu thereof; and the Owner elects to restore the remainder ofthe Lot, then the Owner shall restore the remainder ofthe Lot in nearly as practicable to the same condition it was in prior to such taking or conveyance and in accordance with all applicable standards, restrictions, and provisions of this Declaration and all applicable zoning, subdivision, building, and other govern1nental.regidations. The Owner shall commence the restorationwithin sixty (60) days after the taking or conveyance and shall proceed diligently in a good and workmanlike manner to completion.
IN WITNESS WHEREOF, the Declarant has caused this Declaration to be duly executed as provided in the acknowledgment set forth hereinafter but to be effective as of _____________ , 1999.