Coach 2013 Annual Report Download - page 331

12.8.6 Partial Condemnation. Notwithstanding anything in the Declaration or these By-Laws to the contrary, if the Building is partially
taken by condemnation or eminent domain (a “ Partial Condemnation”), then (i) the Board of Managers shall be required to restore only those Common
Elements necessary for the Units remaining after such Partial Condemnation, and (ii) any Unit Owner whose Unit has been partially taken (and irrespective
of any condemnation award therefor), shall contribute to the Board of Managers the cost for any applicable CE Restoration Work relating to such Unit
Owner’s Unit, and such funds shall be deemed to be CE Restoration Funds; provided, however, that any excess CE Restoration Funds shall, after the
completion of the applicable CE Restoration Work, be returned to such Unit Owner (after deducting any Delinquency Charges).
12.8.7 Total Condemnation. Notwithstanding any provision of the Declaration or By-Laws to the contrary, if all or substantially all of the
Building is taken by condemnation or eminent domain (a “ Total Condemnation”) (a) the Board of Managers shall perform any Safety Work which it deems
appropriate, (b) any award received by a Unit Owner with respect to the taking of its Unit as part of the Total Condemnation shall be payable to the applicable
Unit Owner, provided, however, that no payment shall be made to a Unit Owner until there has first been paid out of its share of such award 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, and (c) the Board of Managers shall have no obligation to restore the Common Elements.
12.8.8 Restoration Work; Plans. All Unit Restoration Work shall be performed in accordance with the applicable provisions of the
Declaration and these By-Laws regarding the performance of Alterations and/or Repairs.
12.8.9 Reallocation of Percentage Interests.
(a) If, as a result of a Partial Condemnation, the gross square footage of any Unit changes, the Board of Managers shall
promptly (i) adjust, as of the date of such partial Condemnation, the Unit Owner’s Common Interest Percentage in a manner consistent with the allocation of
the Common Interests in existence immediately preceding such casualty or taking and in accordance with the then applicable Real Property Law, and (ii)
subject to the provisions of Article 16 of the Declaration and Article 16 of these By-Laws, prepare and record in the office of the New York City Register an
amendment to the Declaration, confirming such reallocation. If the Board of Managers shall not agree on any of the matters referred to in the foregoing clauses
(i) and (ii) within ninety (90) days after the date following completion of the reconstruction of the Building, they shall submit such issue to Arbitration
pursuant to the provisions of Article 15 of the By-Laws.
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