Coach 2013 Annual Report Download - page 330

12.8.4 Casualty to or Condemnation of Units; Repair by Unit Owners; Unit Restoration Work . In the event a Unit or a Section is damaged
or destroyed by casualty or impaired by a partial taking by condemnation or eminent domain, the affected Unit Owner(s) (or Sub-Board, as applicable) shall
immediately remove any rubble and debris resulting from such event and, within a reasonable time thereafter, shall (at its election) either repair and restore the
Unit (or Section, if applicable) so damaged or destroyed by casualty, or such of the Unit (or Section, if applicable) and as shall remain following the taking,
(i) to a complete, independent and self-contained architectural whole, and/or (ii) to a safe and secure “core and shell” condition, with complete and sightly
demising walls, doors and exterior visible surfaces separating such Unit (or Section, if applicable) from any other Unit, any other Section, or any Common
Element visible from outside of the applicable Unit (or Section, if applicable), having no adverse effect on any other Unit or the Common Elements (either or
both of the foregoing (i) and/or (ii), the “Unit Restoration Work”).
12.8.5 Casualty to Seventy Five Percent (75%) or More of the Building . Notwithstanding any provision of the Declaration or By-Laws to
the contrary, if seventy-five (75%) percent or more of the Building is destroyed or damaged by fire or casualty and if, at any time prior to the execution and
delivery of any construction contract relating to the CE Restoration Work (other than a construction contract relating solely to Safety Work (as hereinafter
defined) or other minor construction work not constituting restoration work), then unless 75% or more in Number and Common Interest of the Unit Owners
duly and promptly resolve to proceed with the necessary CE Restoration Work, (i) the Board of Managers shall secure and fence in the Property boundary,
and shall raze the Building, if necessary, and put the Building and Property into compliance with applicable Laws and applicable provision of the Underlying
Agreements, and otherwise make the Property and Building safe (all of the activities described in this clause (i), the “ Safety Work”) and (ii) the CE
Restoration Insurance Proceeds, net of the costs and expenses of the Board of Managers hereunder and the cost of any Safety Work, shall be divided among
the Unit Owners in accordance with their respective Common Interest; provided, however, that no payment shall be made to a Unit Owner until there has first
been paid out of its share of such fund all liens of Permitted Mortgagees holding mortgages against such Unit Owner’s respective Unit, and all unpaid
charges, liens and Delinquency Charges applicable to such Unit. The determination as to whether 75% or more of the Building is destroyed or damaged by
fire or casualty shall be made and certified by an independent architect or engineer licensed by the State of New York having not less than ten (10) years prior
experience in connection with the construction of buildings in the Borough of Manhattan, City of New York, similar to the Building, which architect or
engineer shall be selected by the Board of Managers. Each Unit Owner hereby resolves, and shall be deemed to have resolved, to proceed with the necessary
CE Restoration Work in the event seventy-five (75%) percent or more of the Building is destroyed or damaged by fire or casualty. The provisions of the
immediately preceding sentence of this Section 12.8.5 may not (so long as a Declarant Net Lease is in effect) be amended without the consent of the Declarant
Net Lessor.
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