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201309492
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Last modified
8/19/2014 2:24:47 PM
Creation date
12/5/2013 4:50:18 PM
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DEEDS
Inst Number
201309492
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(2) The portion of the allocated interest divested from the partially <br />acquired unit are automatically reallocated to that unit and the <br />remaining units in proportion to the respective allocated interests of <br />those units before the taking, with the partially acquired unit <br />participating in the reallocation on the basis of its reduced allocated <br />interest. <br />(c) If part of the common elements is acquired by eminent domain, the portion <br />of the award attributable to the common elements taken must be paid to the <br />Association. Any portion of the award attributable to the acquisition of a <br />limited common element must be equally divided among the owners of the <br />units to which that limited common element was allocated at the time of <br />acquisition. <br />Section 4. No Abatement of Assessments. <br />Assessments for common expenses shall not be abated during the period of insurance <br />adjustment and repair and reconstruction, remodeling or reconstruction, nor prior to sale of any suite <br />for delinquent unpaid assessments. <br />Section 1. Termination. <br />ARTICLE XI. TERMINATION OR AMENDMENT <br />15 <br />201309492 <br />A condominium may be terminated only by agreement of unit owners of units to which at <br />least four fifths (4/5) of the unit owners or more with the consent of all lienholders of record. The <br />agreement to terminate must be evidenced by the execution of a termination agreement, or <br />ratifications thereof, in the same manner as a Master Deed and Declaration, by the requisite number <br />of unit owners. The termination agreement shall specify a date after which the agreement will be <br />void unless it is recorded before that date. The termination agreement is effective only upon its <br />recording in the Office of the Register of Deeds of Hall County, Nebraska. The termination <br />agreement may provide that all common elements and units of the condominium shall be sold <br />following termination. If, pursuant to the agreement, any real estate in the condominium is to be sold <br />following termination, the termination agreement must set forth the minimum terms of the sale. The <br />Association, on behalf of the unit owners, may contract for the sale of real estate and the <br />condominium, but the contract is not binding on the unit owners until approved by the percentages <br />set forth in this Section. <br />If any real estate in the condominium is to be sold following termination, title to that real <br />estate, upon termination, vests in the Association as trustees for the holders of all interests in the <br />units. Thereafter, the Association has all powers necessary and appropriate to effect the sale. Until <br />the sale has been concluded and the proceeds distributed thereof, the Association continues in <br />existence with all the powers it had before termination. Proceeds of the sale must be distributed to <br />unit owners and lienholders as their interests may appear, in proportion to the respective interests <br />of unit owners as provided hereinafter. As long as the Association holds title to the real estate, each <br />unit owner and his or her successors in interest have an exclusive right to occupancy of the portion <br />of the real estate that formerly constituted his or her unit. During the period of that occupancy, each <br />unit owner and his or her successors in interest remain liable for all assessments and other <br />obligations imposed on unit owners herein or in the Master Deed and Declaration. <br />If the real estate constituting the condominium is not to be sold following termination, title <br />to the common elements and title to all real estate in the condominiums vest in the unit owners upon <br />termination as tenants in common in proportion to their respective interests as provided hereinafter, <br />and liens on the units shift accordingly. While the tenancy in common exists, each unit owner and <br />his or her successors in interest have an exclusive right to occupancy of the portion of the real estate <br />that formerly constituted his or her unit. <br />Following the termination of the condominium, the proceeds of any sale of real estate, <br />together with the assets of the Association, are held by the Association as trustee for unit owners and <br />
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