Coach 2013 Annual Report Download - page 329

(b) Disbursement of CE Restoration Funds. In the event of any CE Restoration Funds held by the Insurance Trustee, the
Board of Managers shall apply to the Insurance Trustee for disbursement of the CE Restoration Funds in installments as the CE Restoration Work progresses
in accordance with the provisions of the agreement between the Board of Managers and the Insurance Trustee.
(c) CE Restoration Funds Deficiency. If prior to the commencement of (and also at any time during the prosecution of) the
CE Restoration Work, the Board of Managers reasonably estimates that the cost to complete the CE Restoration Work exceeds the CE Restoration Funds then
being held by the Insurance Trustee or the Board of Managers, as the case may be, then the Board of Managers shall notify each Unit Owner of the amount of
such estimated deficiency and each Unit Owner’s pro rata allocation thereof (which such allocation shall be determined in accordance with the Common
Interest of each Unit Owner), if relating to the General Common Elements or borne entirely by the applicable Unit Owner if relating to the Unit Owner’s
appurtenant Exclusive Use Common Elements, and shall be payable by each Unit Owner as a Condominium Special Assessment (hereinafter referred to as a
“Special CE Restoration Assessment ”; all such Special CE Restoration Assessments received by the Board of Managers, the “ Special CE Restoration
Assessment Proceeds”). At the election of the Board of Managers, each Unit Owner shall then pay its respective Special CE Restoration Assessment either: (i)
in a lump sum, or (ii) in installments, as may be necessary, in the determination of the Board of Managers to pay for the CE Restoration Work. The Special
CE Restoration Assessment Proceeds shall be treated as if such monies were CE Restoration Funds.
(d) Excess CE Restoration Insurance Proceeds . To the extent not drawn upon and/or applied to the CE Restoration Work, the
Insurance Trustee and/or the Board of Managers, as the case may be, shall, after the completion of the CE Restoration Work, return all excess CE Restoration
Insurance Proceeds to the Unit Owners according to the Common Interest of such Unit Owner (after deducting from the amount to be distributed to each Unit
Owner the amount, if any, of any Common Charges or Condominium Special Assessments (and other charges related thereto imposed under these By-Laws)
then due and owing from such Unit Owner (such deducted amount, a “ Delinquency Charge”).
(e) Excess Special CE Restoration Assessment Proceeds . To the extent not drawn upon and/or applied to the CE Restoration
Work, the Insurance Trustee and/or the Board of Managers, as the case may be, shall, after the completion of the CE Restoration Work, return all excess
Special CE Restoration Assessment Proceeds it receives to each Unit Owner according to the pro rata share of such Unit Owner’s contribution (which shall be
based on Common Interest) to such Special CE Restoration Assessment Proceeds, after deducting any Delinquency Charge. If any Unit Owner fails to pay its
Special CE Restoration Assessment in accordance with the provisions of Section 12.8.3(c) of these By-Laws, then the Special CE Restoration Assessment of
such Unit Owner still due and payable (the “ Delinquent Special CE Restoration Assessment ”) shall be subject to late charges, interest, expenses and fees, all
pursuant to and in accordance with these By-Laws (such charges, the “ Special CE Restoration Assessment Penalties ”). Upon payment to the Board of
Managers of the Delinquent Special CE Restoration Assessment, and to the extent not drawn upon and/or applied to such completed CE Restoration Work,
then the Insurance Trustee and/or the Board of Managers, as the case may be, shall distribute the Delinquent Special CE Restoration Assessment to each Unit
Owner, after deducting any Delinquency Charge, according to the pro rata share of such Unit Owner’s contribution to the Special CE Restoration Assessment
Proceeds. The Special CE Restoration Assessment Penalties shall be distributed to each Unit Owner (excluding the Unit Owner paying such Special CE
Restoration Assessment Penalties) according to the pro rata share of such Unit Owner’s contribution to the Special CE Restoration Assessment Proceeds
(taking into account any prior distribution of any excess Special CE Restoration Assessment Proceeds and after deducting any Delinquency Charge) prior to
the payment of the Delinquent Special CE Restoration Assessment.
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