58-3116. Removal from provisions of this act.
58-3116
58-3116. Removal from provisions of this act.(a) All of the apartment owners may remove a property from theprovisions of this act by an instrument to that effect, duly recorded,provided that the holders of all liens affecting any of the apartmentsconsent thereto or agree, in either case by instruments duly recorded, thattheir liens be transferred to the percentage of the undivided interest ofthe apartment owner in the property as hereinafter provided.
(b) Upon removal of the property from the provisions of this act, theproperty shall be deemed to be owned in common by the apartment owners. Theundivided interest in the property owned in common which shall appertain toeach apartment owner shall be the percentage of undivided interestpreviously owned by such owner in the common areas and facilities.
History: L. 1963, ch. 329, § 16; July 1.