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14.5 Preexisting Encumbrances. A conveyance or encumbrance of common elements pursuant to this Article does not affect the priority or validity of preexisting encumbrances. ARTICLE XV. TERMINATION OF CONDOMINIUM 201404665 15.0 Requirements for Termination. Except in the case of a taking of all of the units by eminent domain, a condominium may be terminated only be agreement of unit owners of unit to which at least 85% of the votes in the Association are allocated. 15.1 Recordation of Agreements. An agreement to terminate shall be evidenced by the execution or ratification of a termination agreement, in the same manner as a deed, by the requisite number of unit numbers. The termination agreement shall specify a date after which the agreement will be void unless it is recorded before that date. A termination agreement and all ratifications of a termination agreement shall be recorded in Hall County, Nebraska. 15.2 Sale of Condominium. A termination agreement may provide that all of the common elements and units of the condominium shall be sold following termination. If, pursuant to the agreement, any real estate in the condominium is to be sold following termination, the termination agreement shall set forth the minimum terms of the sale. 15.3 Powers of Association on Sale of Condominium; Rights of Unit Owners. The Association, on behalf of the unit owners, may contract for the sale of real estate in the condominium, but the contract is not binding on the unit owners until approved pursuant to Section 15.0 and 15.1. If any real estate in the condominium is to be sold following termination, title to that real estate on termination vests the Association as Trustee for the holders of all interest in the units. Thereafter, the Association has all powers necessary and appropriate to effect the sale. Until the sale has been concluded and the proceeds of the sale distributed, the Association continues in existence with all powers it had before termination. Proceeds of the sale shall be distributed to unit owners and lien holders as their interests may appear, in proportion to the respective interest of each unit owner as provided in Section 15.6. Unless otherwise specified in the termination agreement, as long as the Association holds title to the real estate, each unit owner and his successor in interest shall have an exclusive right to occupancy of the portion of the real estate that formerly constituted his unit. During the period of that occupancy, each unit owner and his successor in interest shall remain liable for all assessments and other obligations imposed on unit owners by this Article of this Declaration. 15.4 Rights of Unit Owners if Condominium Not Sold. If the real estate constituting the condominium is not to be sold following termination, title to all the real estate in the condominium vests in the unit owners on termination as tenants in common in proportion to the respective interests as provided in Section 14.6, and liens on the units shift accordingly. While the tenancy in common exists, each unit owner and his successor in interest have an exclusive right to occupancy of the portion of the real estate that formerly constituted his unit. 15.5 Rights Following Termination. Following termination of the condominium, the proceeds of any sale of real estate, together with the assets of the Associations, are held by the Association as Trustee for each unit owner and holders of liens on the units as their interests may appear. Following termination, creditors of the Association holding liens on the units which were recorded before termination may enforce those liens in the same manner as any lien holder. 15.6 Respective Interest of Unit Owners. The respective interest of unit owners referred to in Section 15.3, 15.4 and 15.5 are as follows: -14-