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92 <br /> proceeds shall be retained by and for the benefit of the Association and held in a reserve account for capital <br /> improvements. <br /> ARTICLE X <br /> DAMAGE AND DESTRUCTION <br /> Section 10.01 Estimating Cost of Repairs. Immediately after the damage or destruction of all <br /> or any part of the Common Elements covered by insurance written in the name of the Association, the <br /> Association shall file and settle all claims arising under such insurance policies and obtain detailed <br /> estimates of the cost of repair or reconstruction of the damaged or destroyed Common Elements. <br /> Section 10.02 Property to be Repaired or Reconstructed. Any damage or destruction to any <br /> part of the Common Elements insured by the Association shall be repaired or reconstructed unless at least <br /> seventy-five percent(75%)of the voting Members of the Association shall vote not to repair or reconstruct <br /> the damaged property within ninety(90)days after the damage or destruction. No mortgage shall have the <br /> right to participate in the determination of whether the damage or destruction shall be repaired or <br /> reconstructed. <br /> Section 10.03 Property not to be Repaired or Reconstructed. In the event that it is <br /> determined that the damage or destruction of property insured by the Association shall not be repaired or <br /> reconstructed and no alternative improvements are authorized, then, and in that event, the said property <br /> shall be restored to its natural state and maintained as an undeveloped portion of land by the Association. <br /> Section 10.04 Insufficient Insurance Proceeds. If the damage or destruction for which the <br /> insurance proceeds are paid is to be repaired or reconstructed and if the said proceeds are insufficient to <br /> defray the costs thereof, the Board of Directors may levy a Special Assessment against all Owners in <br /> proportion to the number of Lots owned by such Owners. Additional Assessments may be made at any <br /> time during or following the completion of any repair or reconstruction to cover the costs of same. <br /> ARTICLE XI <br /> ARCHITECTURAL CONTROL COMMITTEE <br /> Section 11.01 Architectural Control Committee and Guidelines. Declarant during the <br /> Period of Declarant Control or, thereafter, the Board of Directors, may appoint an Architectural Control <br /> Committee each year consisting of not less than one(1)nor more than five(5)Persons,none of whom need <br /> be a Member. In the event the Board of Directors shall fail to appoint an Architectural Control Committee <br /> at any time subsequent to the expiration or termination of the Period of Declarant Control, the Board of <br /> Directors shall act as the Architectural Control Committee. Subsequent to the expiration or termination of <br /> the Period of Declarant Control,the Architectural Control Committee shall have the power and authority to <br /> amend,modify,supplement and/or waive any provision of the Guidelines and enforce the provisions of this <br /> Declaration and the Guidelines with respect to the construction or alteration of any Building or <br /> Improvement on any Lot or Common Elements, as well as landscaping, arboreal and vegetative <br /> requirements for the Community. The initial Guidelines shall be established by Declarant and may be <br /> amended, modified, supplemented and/or waived by Declarant from time to time during the Period of <br /> Declarant Control. Declarant shall have the power and authority to enforce the Guidelines during the <br /> Period of Declarant Control but may, in its sole discretion, delegate such power, in full or in part, to the <br /> Architectural Control Committee and/or the Board of Directors at any time prior to the expiration or <br /> termination of the Period of Declarant Control. Any amendment, modification, supplement or waiver of <br /> any provision of the Guidelines shall be effective upon adoption by Declarant or the Architectural Control <br /> Committee, as applicable, and need not be recorded in the office of the Register of Deeds of Orange <br /> County,North Carolina. Notwithstanding the foregoing,any Building or Improvement constructed,erected <br /> or placed on any Lot or Common Elements in compliance with the provisions of this Declaration and the <br /> Guidelines (or any valid waiver thereof or exemption therefrom) in effect at the time such Building or <br /> Improvement was constructed, erected or placed, shall be permitted to remain in place, as originally <br /> constructed, erected or placed notwithstanding any subsequent amendment, modification, supplementation <br /> 17 <br />