Coach 2013 Annual Report Download - page 328

Section 12.8 Casualty and Condemnation.
12.8.1 Common Element Restoration Funds. All insurance proceeds under all policies required to be obtained by the Board of Managers
with respect to any property loss (the “CE Restoration Insurance Proceeds”) and all condemnation awards, if any, with respect to the Common Elements (such
sums, together with any interest or income earned thereon, but net of the reasonable fees, compensation and expenses incurred by the Insurance Trustee,
collectively, the “CE Restoration Funds”) shall be payable to the Board of Managers, except that if the CE Restoration Funds shall exceed $1,000,000, all CE
Restoration Funds shall be payable to the Insurance Trustee.
12.8.2 Use of CE Restoration Funds. The Board of Managers shall (i) hold in trust on behalf of all Unit Owners any CE Restoration
Funds it receives, (ii) subject to the provisions of Sections 12.8.3 and 12.8.5 of these By-Laws, use the CE Restoration Funds only for CE Restoration Work
and (iii) not commingle the CE Restoration Funds with other funds being held by the Board of Managers.
12.8.3 Casualty to or Condemnation of Common Elements; Repair by Board of Managers; CE Restoration Work.
(a) CE Restoration Work. Except as provided herein, in the event of (i) the casualty of all or any part of the Common
Elements, (ii) the taking in condemnation or by eminent domain of all or any part of the Common Elements, or (iii) the taking in condemnation or by eminent
domain of all or any part of a Unit that affects the Common Elements, then, subject to the provisions set forth below, the Board of Managers will arrange for
the prompt demolition (to the extent required) repair and restoration of the part of the Common Elements affected by such casualty or impaired by such taking
which, pursuant to the provisions of the Declaration or By-Laws, are required to be maintained by the Board of Managers (the “ CE Restoration Work”). In the
event of a casualty, such CE Restoration Work shall restore the Common Elements so that they are the same type and quality as existed immediately prior to
such casualty, with such changes to the General Common Elements as the Board of Managers may elect. In the event of a taking, such CE Restoration Work
shall take into account the physical constraints imposed by such taking, and accordingly the Common Elements may be altered to account for such physical
constraints; provided, however, that in no event shall the Board of Managers have the right to utilize additional space in any Unit in connection with such
restoration, unless such right has otherwise been granted under these By-Laws or the Declaration or in connection with such taking. Notwithstanding anything
herein to the contrary, in no event shall the Board of Managers be obligated to restore any Unit Owner’s fit-out to or personal property contained within its
Unit. All CE Restoration Work shall comply with the provisions of Exhibit D to the Master Declaration as if such CE Restoration Work were the initial
construction of the Building (it being understood that Section 2.11 of said Exhibit D shall not apply to the same), and to the extent that any CE Restoration
Work affects in more than a de minimis matters the use and enjoyment of the Yards Parcel Owner (as defined in Section 13.2(a)(iii) of these By-Laws) of the
easement described in Section 5.1(k) of the Master Declaration, such CE Restoration shall be subject to the procedures for reviewing Parking Component
Review Elements as set forth in said Exhibit D.
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