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(a) All expenses of the insurance trustee shall be first paid or provision made <br /> therefor. <br /> (b) If the damage for which the proceeds are paid is to be repaired or reconstructed, <br /> the remaining proceeds shall be paid to defray the cost thereof as provided in Section 9.06. Any proceeds <br /> r ._.alxLg after defraying such cost shall be distributed to the beneficial owners . <br /> (c) If it is determined as provided herein that the damage for which the proceeds are <br /> paid shall not be reconstructed or repaired, the remaining proceeds shall be distributed to the beneficial <br /> owners thereof. <br /> Section 9.06 Damage and Destruction. Except as hereinafter provided, damage to or <br /> destruction of the Building shall be promptly repaired and restored by the Association using the proceeds <br /> of insurance on the Building for that purpose and the Owner of each Unit shall be liable for assessment of <br /> any deficiency; provided, however, if the Building shall be more than two-thirds (2/3) destroyed by ire or <br /> other casualty and the Owners of the Units resolve, in the manner prescnbed below, not to proceed with <br /> reconstruction or restoration, then, in that event, the Property shall either be (a) sold or otherwise <br /> transferred as provided in N. C.G. S . § 47C2418, or (b) deemed to be owned by the Owners of all Units as <br /> tenants in common and subject to the provisions of N.C. G. S . §47C 2418 as same may be amended. The <br /> determination of whether to sell the Property or to make the Property subject to the provisions of <br /> N.C. G. S . §47C2= 118 shall be made by Owners in the manner prescribed below. Any resolution or <br /> determination of the Owners contemplated by this Section shall be made (i) by the affirmative vote of the <br /> Owners who represent not less than eighty percent (80%) of the total number of votes allocated to all <br /> Units by this Declaration, which votes shall be cast by such Owners present in person or by proxy at an <br /> annual or special meeting of the members of the Association duly held in accordance with the provisions <br /> of the Bylaws with respect to which notice of the purpose of the meeting shall have been given and at <br /> which meeting a quorum shall be present, or (H) by written consent of Owners representing not less than <br /> eighty percent (80%) of the total number of votes allocated to all Units by this Declaration. <br /> -50- <br /> 3 <br />