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200906047
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Last modified
3/4/2012 12:53:51 PM
Creation date
7/23/2009 4:43:33 PM
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DEEDS
Inst Number
200906047
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0 <br />200906047 <br />(c) If part of the common elements is acquired by eminent domain, the <br />portion of the award attributable to the common elements taken must <br />be paid to the Association. Any portion of the award attributable to <br />the acquisition of a limited common element must be equally divided <br />among the owners of the units to which that limited common element <br />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 repairand reconstruction, remodeling or reconstruction, norprior <br />to sale of any suite for delinquent unpaid assessments, <br />ARTICLE XI. TE<RMINAT 1-0—N-0— —R AM=—NDIdII -NT <br />Section 1. Terminatia . <br />A condominium may be terminated only by agreement of unit owners of units to <br />which at least fourfifths (415) of the unit owners or more with the consent of all lienholdei�s <br />of record. The agreement to terminate must be evidenced by the execution of a <br />termination agreement, or ratifications thereof, in the same manner as a Master Deed and <br />Declaration, by the requisite number of unit owners. The termination agreement shall <br />specify a date after which the agreement will be void unless it is recorded before that date. <br />The termination agreement is effective only upon its recording in the Office ofthe Register <br />of Deeds of Hall County, Nebraska. The termination agreement may provide that all <br />common elements and units of the condominium shall be sold following termination. If, <br />pursuant to the agreement, any real estate in the condominium is to be sold following <br />termination, the termination agreement must set forth the minimum terms of the sale. The <br />Association, on behalf, of the unit owners, may contract for the sale of real estate and the <br />condominium, but the contract is not binding on the unit owners until approved by the <br />percentages set forth in this Section. <br />If any real estate in the condominium is to be sold following termination, title to that <br />real estate, upon termination, vests in the Association as trustees for the holders of all <br />interests in the units. Thereafter, the Association has all powers necessary and <br />appropriate to effect the sale. Until the sale has been concluded and the proceeds <br />distributed thereof, the Association continues in existence with all the powers it had before <br />termination. Proceeds of the sale must be distributed to unit owners and iienholders as <br />their interests may appear, In proportion to the respective interests of unit owners as <br />provided hereinafter. As long as the Association holds title to the real estate, each unit <br />owner and his or her successors in interest have an exclusive right to occupancy of the <br />portion of the real estate that formerly constituted his or her unit. During the period of that <br />occupancy, each unit owner and his or her successors in interest remain liable for all <br />assessments and other obligations imposed on unit owners herein or in the Master Deed <br />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 condominiums <br />vest in the unit owners upon termination as tenants in common in proportion to their <br />respective interests as provided hereinafter, and liens on the units shift accordingly. While <br />the tenancy in common exists, each unit owner and his or her successors in interest have <br />an exclusive right to occupancy of the portion of the real estate that formerly constituted <br />his or her unit. <br />Following the termination of the condominium, the proceeds of any sale of real <br />estate, together with the assets of the Association, are held by the Association as trustee <br />for unit owners and holders of liens on the units as their interests may appear. Following <br />termination, creditors of the Association holding liens on the units, which were recorded <br />before termination, may enforce those liens in the same manner as any lienholder. All <br />TI <br />
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