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~ exclusively with the Board of Directors or its uthorized <br />representative. Releases and proofs of loss shall be e ecuted by <br />at least two directors. <br />3. VALUE OF OWNER IMPROVEMENTS. Each owner must 'nform the <br />Board of Directors of the value of improvements made to h s unit in <br />excess of Ten Thousand Dollars ($10,000) so that the Board of <br />Directors may make any desired adjustments in insurance coverage. <br />Nothing in this paragraph shall permit an owner to make <br />improvements without first obtaining the approval of th Board of <br />Directors pursuant to Article VII. <br />4. REVIEW OF INSURANCE POLICIES. At least annu lly, the <br />Board of Directors shall review all insurance carri d by the <br />Association of Unit Owners, which review shall include an appraisal <br />of all improvements made to the project by a representat've of the <br />insurance carrier writing the master policy. <br />ARTICLE IX <br />DAMAGE A1~TD DESTRUCTION <br />l. INSURANCE PROCEEDS SUFFICIENT TO COVER LOSS. I case of <br />fire, casualty or any other damage and destruction, the insurance <br />~ proceeds of the master policy, if sufficient to recons ruct the <br />buildings damaged or destroyed, shall be applied to such <br />reconstruction. <br />2. INSURANCE PROCEEDS INSUFFICIENT TO COVER LOSS If the <br />insurance proceeds are insufficient to reconstruct the d maged or <br />destroyed buildings, the damage to, or destruction of, such <br />buildings shall be promptly repaired and restored by the nager or <br />the Board of Directors, using the proceeds of insurance, if any, on <br />such buildings for that purpose, and all the unit owners shall be <br />liable for assessment for any deficiency for such recons ruction, <br />such deficiency to take into consideration as the owner's <br />contribution any individual policy insurance proceeds pr vided by <br />such owner. Provided, however, if three-fourths or more in value <br />of all the buildings are destroyed or substantially damag d and if <br />the owners of at least sixty percent (60%) of the units s vote in <br />the Condominium, the manager or Board of Directors sha 1 record <br />with the County Recorder a notice setting forth such f cts, and <br />upon the recording of such notice: <br />(a) <br />(b) <br />The Condominium property shall be deemed to be owned in <br />common by the owners; <br />The respective interest of each unit owne in the <br />property shall be determined by the provisions of ORS <br />~ BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />PAGE - 18 <br />