200602228 - Laserfiche WebLink

Browse

..---.;, . 200602228 (c) If part of the common elements is acquired by eminent domain, the portion of the award attributable to the common elements taken must be paid to the Association. Any portion of the award attributable to the acquisition of a limited common element must be equally divided among the owners of the units to which that limited common element was allocated at the time of acquisition. Section 4. No Abatement of Assessments. Assessments for common expenses shall not be abated during the period of insurance adjustment and repair and reconstruction, remodeling or reconstruction, nor prior to sale of any suite for delinquent unpaid assessments. ARTICLE XI. TERMINATION ORAMENDMENT Section 1. Termination. A condominium may be terminated only by agreement of unit owners of units to which at least four fifths (4/5) ofthe unit owners or morewith the consent of all lienholders of record. The agreement to terminate must be evidenced by the execution of a termination agreement, or ratifications thereof, in the same manner as a Master Deed and Declaration, by the requisite number of unit owners. The tennination agreement shall specify a date after which the agreement will be void unless it is recorded before that date. The termination agreement is effective only upon its recording in the Office of the Register of Deeds of Hall County, Nebraska. The termination agreement may provide that all 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 must set forth the minimum terms of the sale. The Association, on behalf ofthe unit owners, may contract for the sale of real estate and the condominium, but the contract is not binding on the unit owners until approved by the percentages set forth in this Section. If any real estate in the condominium is to be sold following termination, title to that . real estate, upon termination, vests in the Association as trustees for the holders of all interests 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 distributed thereof, the Association continues in existence with all the powers it had before termination. Proceeds of the sale must be distributed to unit owners and lienholders as their interests may appear, in proportion to the respective interests of unit owners as provided hereinafter. As long as the Association holds title to the real estate, each unit owner and his or her successors in interest have an exclusive right to occupancy of the portion of the real estate that formerly constituted his or her u nit. During the period of that occupancy. each unit owner and his or her successors in interest remain liable for all assessments and other obligations imposed on unit owners herein or in the Master Deed and Declaration. 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 as provided hereinafter, and liens on the units shift accordingly. While the tenancy in common exists, each unit owner and his or her successors in interest have an exclusive right to occupancy of the portion of 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 16