Section 10.01. Restoration of the Project. Except as otherwise provided in this Declaration event of any destruction of any portion of the Project the replacement or repair of which is the responsibility of the Association, it shall be the duty of the Association to restore and repair the same to it former condition, as promptly as practical. The proceeds of any insurance maintained pursuant to Article IX hereof for reconstruction or repair of the Property shall be used for such purpose, unless otherwise provided herein. The Board shall be authorized to have prepared the necessary documents to effect such reconstruction as promptly as practical. The Project shall be reconstructed or rebuilt substantially in accordance with the Condominium Plan and the original construction plans if they are available, unless changes recommended by the Architectural Committee shall have been approved in writing by Sublessor, seventy-five percent (75%) of the Unit Owners and by all of the holders of record of first Mortgages upon the condominiums of the approving Unit owners. In the event that the amount available from the proceeds of such insurance policies for such restoration and repair shall be at least eighty-five percent (85%) of the estimated cost of restoration and repair, a Reconstruction Assessment of the Unit Owners, with each Unit Owner contributing in the same proportion that Annual Assessments are levied among the Unit Owners, shall be levied by the Board of Directors to provide the necessary funds for such reconstruction, over and above the amount of any insurance proceeds available for such purpose. In the event that the amount available from the proceeds of such insurance policies for such restoration and repair shall be less than eighty-five percent (85%) of the estimate cost of restoration and repair, the Board shall call a special meeting of the Association to be held within thirty days after the damage or loss occurred. At such meeting the Board shall be authorized to levy a Reconstruction Assessment to provide the necessary additional funds for restoration if such levy is approved by not less than eighty-five percent (85%) of the Unit Owners present and entitled to vote, in person or by proxy, at such meeting and by all the holders of record of first Mortgages on the Condominiums of the approving Unit Owners. If such Reconstruction Assessment has not been approved within thirty days after the damage or loss occurred, the Association and all Unit Owners shall be conclusively deemed to have elected not to rebuild the Project and the Board shall proceed in accordance with Section 10.02 hereof.

Section 10.02. Election Not to Rebuild. In the event of an election not to rebuild the Project as provided above, the Board shall immediately arrange for the teardown and removal of all remaining parts of the Improvements on the Property and of all debris resulting from the casualty and otherwise clear-up and restore the Property to its original condition. This cleanup operation shall be completed no later than ninety (90) days after the damage or loss occurred. The insurance proceeds shall be used first to pay the balance due on any valid Mortgages of record on Condominiums the Project and second to pay the coats of the clean-up operation. The balance, if any, shall be paid to Sublessor.

Section 10.03. Interior Damage. With the exception of any casualty or damage insured against by the Association pursuant to Article IX, Section 9.01 of this Declaration, restoration and repair of any damage to the interior of any individual Condominium, including without limitation all fixtures, cabinets and other Improvements therein, together with restoration and repair of all interior paint, wall coverings and floor coverings, shall be made by and at the individual expense of the Unit owner of the condominium so damaged. In the event of a determination to rebuild the Project after partial or total destruction, as provided herein, such interior repair and restoration shall be completed as promptly as practical and in a lawful and workmanlike manner, in accordance with plans approved by the Architectural Committee.

Section 10.04. Notice to Unit Owners and Listed Mortgagees. The Board, immediately upon having knowledge of any damage or destruction (1) to the Common Areas or any portion thereof, which damage or destruction is substantial or may be restored only at a cost exceeding Ten Thousand Dollars ($10,000), or (2) to any individual Unit which damage or destruction may only be restored at a cost exceeding One Thousand Dollars ($1,000), shall promptly notify Lessor, all Unit Owners and all institutional holders of first Mortgages on Condominiums in the Project who have filed a written request for such notice with the Board.