200409559 - Laserfiche WebLink

Browse

... ... :. ".: :. .: :: -: :'.. ...... a. .. .... .. .. ... .. ... .... s'..._...... ...._.._.<s.. _. ... �... .... ...:._.. a._.;.:5::. _5.e:•.�; .Jt _!n'. .... ._. ... •G1t:v7'R:.q, 20010181 20040955.6 20010:9184 If the real estate constituting the condominium is not,to be sold following termination, title to the common elements and title to all real estate in the condominiums vest in the unit owners upon termination as tenants in common in proportion to their respective interests a provided hereinafter, and liens on the units shift adcordingly. While the tenancy in common exists, each unit owner and his ;dr her successors in interest have an exclusive right to occupancy.of the portion,.'o£ the real estate that formerly constituted his or her unit.. Following the termination of. the condominium, the proceeds of any sale of real estate; together with the 'assets of the Association, are.held by the Association as trustee for unit owners 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 lienholder. All other creditors of the Association are to be` treated as if they had perfected liens on.the units immediately before termination. The respective interests of unit owners aforementioned are as follows: (a) •Except as provided in paragraph (b) of, this Subsection; respective interests of unit owners. are the fair market values of their units, limited common elements, and common element interest< immediately before the termination, as determined by one or more independent appraisers selected by the Association...The decision of the independent appraisers shall be distributed to the unit owners and become final. unless disapproved within thirty (30). days after distribution by unit owners of units to which twenty five percent (25fl of the votes in the Association are allocated. The proportion of -any unit owner's interest to that of all unit owners is determined by dividing the fair market value of'that unit ..owner's unit and common element interest by -the. total fair market.values of all the units and, common, elements. (b) If any unit or any limited common element is destroyed to the extent that an. appraisal of the fair market value thereof before destruction cannot be made, the interests of all unit owners are their respective,. common element interests immediately before the termination. Section 2. Amendment by Members. There shall be no amendment to these By -Laws unless two thirds (2/3) or more of the units of the Association shall have voted therefor in the affirmative at a special or annual meeting; provided, however; that percentage voting requirements contained in these By -Laws shall not be amended by a lesser percentage vote than; that sought to be .amended, and provided further that such amendment shall -have the approval of more than fifty percent (50$) in number of the.first`:m rtgagees of record in all of the units upon the date of'adoption of said amendment. Section 3. Amendment by Declarant. Anything contained in these By Laws or -in the Master Deed and Declaration or Articles of Incorporation 'to . the contrary notwithstanding, until Declarant releases control of the Association; Declarant reserves the right to supplement or amend, these By -Laws for clarification, correction or otherwise in the best interests of all unit. owners, including Declarant; provided that any such supplement or amendment shall be approved by'more than fifty percent (5.0%), in number of all existing first mortgage holders of record, in writing. After said release of control of said Association, the President, as. set forth in Article IV, Section 4. herein,..shall. have the authority to prepare, execute, and certify amendments to the Declaration on behalf of the Association. 15