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200210181
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Last modified
10/15/2011 6:18:41 AM
Creation date
10/22/2005 9:48:27 PM
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DEEDS
Inst Number
200210181
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200210181 200109184 <br />must compensate the unit owner for the reduction in value <br />of the unit and its interest in the common elements, <br />whether or not any common elements are acquired. Upon <br />acquisition: <br />(1) Unit's allocated interests are reduced in <br />proportion to the reduction in the size of the <br />unit, or any other basis specified in the Master <br />Deed and Declaration; and <br />(2) The portion of the allocated interest divested from <br />the partially acquired unit are automatically <br />reallocated to that unit and the remaining units in <br />proportion to the respective allocated interests of <br />those units before the taking, . with the partially <br />acquired unit participating in the reallocation on <br />the basis of its reduced allocated interest. <br />(c).- If part of the common elements is acquired by eminent <br />'domain, the portion of the award attributable to the <br />common elements taken must be paid to the Association. <br />Any portion of the award attributable to the acquisition <br />of a limited common element must be equally divided among <br />the owners of the units to which that limited common <br />element was allocated at the time of acquisition. <br />Section 4. No Abatement of Assessments. <br />Assessments for common expenses shall not be abated during the period <br />of insurance adjustment and repair and reconstruction, remodeling or <br />reconstruction, nor prior to sale of any suite for delinquent unpaid <br />assessments. <br />ARTICLE XI. TERMINATION OR AMENDMENT <br />Section 1. Termination. <br />A condominium may be terminated only by agreement of unit owners of <br />units to which at least four fifths (4/5) of the unit owners or more with <br />the consent of all lienholders of record. The agreement to terminate must <br />be evidenced by the execution of a termination agreement, or ratifications <br />thereof, in the same manner as a Master Deed and Declaration, by the <br />requisite number of unit owners. The termination agreement shall specify <br />a date after which the agreement will be void unless it is recorded before <br />that date. The termination agreement is effective only upon its recording <br />in the Office of the Register of Deeds of Hall County, Nebraska. The <br />termination agreement may provide that all common elements and units of the <br />condominium shall be sold following termination. If, pursuant to the <br />agreement, any real estate in the condominium is to be sold following <br />termination, the termination agreement must set forth the minimum terms of <br />the sale. The Association, on behalf of the unit owners, may contract for <br />the sale of real estate and the condominium, but the contract is not <br />binding on the unit owners until approved by the percentages set forth in <br />this Section. <br />If any real estate in the condominium is to be sold following <br />termination, title to that real estate, upon termination, vests in the <br />Association as trustees for the holders of all interests in the units. <br />Thereafter, the Association has all powers necessary and appropriate to <br />effect the sale. Until the sale has been concluded and the proceeds <br />distributed thereof, the Association continues in existence with all the <br />powers it had before termination. Proceeds of the sale must be distributed <br />to unit owners and lienholders as their interests may appear, in proportion <br />to the respective interests of unit owners as provided hereinafter. As <br />long as the Association holds title to the real estate, each unit owner and <br />his or her successors in interest have an exclusive right to occupancy of <br />the portion of the real estate that formerly constituted his or her unit. <br />During the period of that occupancy, each unit owner and his or her <br />successors in interest remain liable for all assessments and other <br />obligations imposed on unit owners herein or in the Master Deed and <br />Declaration. <br />14 <br />
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