TEL3 Master Deed (13 of 16)
If the insurance proceeds are insufficient to pay all the costs of reconstruction or repair of the Common Areas, a special assessment shall be made against each unit owner to make up the deficiency as provided in Section 4, Part II hereof. Any further deficiency shall be covered by funds to be raised by the Condominium Corporation in the manner determined at a special meeting of its members duly called for the purpose.
If the pro-rata insurance proceeds are insufficient to cover all the costs of reconstruction nor repair of one or more of the destroyed or damaged units, the unit Condominium Corporation may nevertheless proceed with reconstruction or repair of the destroyed or damaged unit or units and the respective owner or owners shall become liable to an assessment for the deficiency, unless the conditions for dissolution of the Condominium Corporation required by the Condominium Act exist and the required vote of unit owners decide for dissolution.
If, by reason of the dissolution of the Condominium Corporation or for any other reason, the insurance proceeds are not used for reconstruction or repair as herein provided, the proceeds shall be paid to the respective mortgagees of the units or to the Condominium Corporation to the extent of the amount outstanding on the loan secured by the Unit or the Common Areas or part thereof, if any there be, and the balance of the proceeds to the owner or owners thereof, as his or their interest may appeaq after deducting the amount of any assessment due from him or them.
Section 9. Procedure for Transfer of Units. Except in cases of transfers by gift, by hereditary succession or to another Unit owner, no unit owner may effectively dispose of his unit without the written approval of the Condominium Corporation. A unit owner intending to make a bonafide sale of his unit shall give to the Condominium Corporation notice of such intention, together with the name and address of the intended purchaser, and such other information concerning the intended purchaser as the Condominium Corporation may reasonably require.
Such notice at the option of the unit owner, may include a demand by him that the Corporation furnish a purchaser if the proposed purchaser is not approved; and if such demand is made, the notice shall be accompanied by a copy of the proposed sales contract. Within sixty (60) days after receipt of the aforesaid notice, the Condominium Corporation must either approve or disapprove the proposed transaction. If approved, the approval shall be stated in a certificate executed by the appropriate officer in registrable form, as required by Section 18 of the Condominium Act, provided the other provisions of the Declaration of Restrictions have been complied with.
If the Condominium Corporation disapproves a proposed sale and if the notice of sale given by the unit owner shall so demand, then within sixty (60) days after receipt of such notice and demand, the Condominium Corporation shall deliver or mail by registered mail to the unit owner an offer from a purchaser chosen by the Condominium Corporation from among other unit owners willing to purchase the unit, under the terms and conditions set forth in the proposed sales contract submitted by the selling unit owner.
If the Condominium Corporation shall fail to provide a purchaser as required herein, then notwithstanding the disapproval, the sale shall be deemed to have been approved, and the Condominium Corporation shall furnish a certificate of approval as provided earlier in this section. The limitations and restrictions contained in this section shall not be applicable to the units owned, and the original conveyance of units made. by the DECLARANTS.
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