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200504121
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Last modified
10/17/2011 5:55:44 AM
Creation date
10/28/2005 10:40:04 AM
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DEEDS
Inst Number
200504121
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200504121 <br />unit and the remaining units in proportion'to the respective <br />allocated interests of those units before the taking, with the <br />partially acquired unit participating in the reallocation on the <br />basis of its reduced allocated interest. <br />(c) If part of the common elements is acquired by eminent domain, <br />the portion of the award attributable to the common elements <br />taken must be paid to the Association. Any portion of the award <br />attributable to the acquisition of a limited common element must <br />be equally divided among the owners of the units to which that <br />limited common 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 of <br />insurance adjustment and repair and reconstruction, remodeling or reconstruction, nor <br />prior to sale of any suite for delinquent unpaid assessments. <br />ARTICLE XI. TERMINATION OR AMENDMENT <br />Section 1. Termination. <br />A condominium may be terminated only by agreement of unit owners of units <br />to which at least four fifths (4/5) of the unit owners or moray with the consent of all <br />lienholders of record. The agreement to terminate must be evidenced by the execution <br />of a termination agreement, or ratifications thereof, in the same manner as a Master <br />Deed and Declaration, by the requisite number of unit owners. The termination <br />agreement shall specify a date after which the agreement' will be void unless it is <br />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 <br />termination agreement may provide ' that all common e,[ements and units of the <br />condominium shall be sold following termination. If, pursuant to the agreement, any <br />real estate in the condominium is to be sold following termination, the termination <br />agreement must set forth the minimum terms of the sale. The Association, on behalf <br />of the unit owners, may contract for the sale of real estate and the condominium, but <br />the contract is not binding on the unit owners until approved by the percentages set <br />forth in this Section. <br />If any real estate in the condominium is to. be sold following termination, title <br />to that real estate; upon termination, vests -in the Association as trustees for the <br />holders of all interests in the units. Thereafter, the Association has all powers <br />necessary and appropriate to effect the sale. Until the sale, has been concluded and <br />the proceeds distributed thereof, the Association continues in existence with all the <br />powers it had before termination. Proceeds of the sale must be distributed to unit <br />owners and lienholders as their interests may appear, in proportion to the respective <br />interests of unit owners as provided hereinafter. As long as the Association holds title <br />to the real estate, each unit owner and his or her successors in interest have an <br />exclusive right to occupancy of the portion of the real estate that formerly constituted <br />his or her unit. During the period of that occupancy, each unit owner and his or her <br />successors in interest remain liable for all assessments and other obligations imposed <br />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 <br />termination, title to the common elements and title to all real estate in the <br />condominiums vest in the unit owners upon termination as tenants in common in <br />proportion to their respective interests as provided hereinafter, and liens on the units <br />17 <br />
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