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~, exclusively with the Board of Directors or its authorized <br />representative. Releases and proofs of loss shall be executed by <br />at least two directors. <br />3. VALUE OF OWNER IMPROVEMENTS. Each owner must inform the <br />Board of Directors of the value of improvements made to his 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 the Board of <br />Directors pursuant to Article VII. <br />4. REVIEW OF INSURANCE POLICIES. At least annually, the <br />Board of Directors shall review all insurance carried by the <br />Association of Unit Owners, which review shall include an appraisal <br />of all improvements made to the project by a representative of the <br />insurance carrier writing the master policy. <br />ARTICLE IX <br />DAMAGE AND DESTRUCTION <br />1. INSURANCE PROCEEDS SUFFICIENT TO COVER LOSS. In case of <br />fire, casualty or any other damage and destruction, the insurance <br />proceeds of the master policy, if sufficient to reconstruct 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 damaged or <br />destroyed buildings, the damage to, or destruction of, such <br />buildings shall be promptly repaired and restored by the manager 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 reconstruction, <br />such deficiency to take into consideration as the owner's <br />contribution any individual policy insurance proceeds provided by <br />such owner. Provided, however, if three-fourths or more in value <br />of all the buildings are destroyed or substantially damaged and if <br />~he owners of at least sixty percent (600) of the units so vote in <br />the Condominium, the manager or Board of Directors shall record <br />with the County Recorder a notice setting forth such facts, and <br />upon the recording of such notice: <br />(a) The Condominium property shall be deemed to be owned in <br />common by the owners; <br />(b) The respective interest of each unit owner in the <br />property shall be determined by the provisions of ORS <br />~% BYLAWS OF COURTHOUSE SQUARE CONDOMINIUM <br />J PAGE - 18 <br />