Disposition of property, destruction or damage
If within sixty days of the date of damage or destruction to all, or part of any property, the Association of Apartment Owners does not undertake repair, reconstruction or re-building that property, then—
- The property shall be deemed to be owned in common by the apartment owners;
- The undivided interest in the property owned in common, of each apartment owner, shall be the percentage of the undivided interest previously owned by such owner in the common areas and facilities;
- Any encumbrances affecting any of the apartments shall be deemed to be transferred in accordance to the percentage of the undivided interest of the apartment owner in the property;
- The property shall be subject to an action for partition if any apartment owner files a suit. The net proceeds of sale together with the net proceeds of the insurance on the property, shall be considered as one fund and shall be divided amongst all the apartment owners after paying out, all the respective shares of the apartment owners to the extent sufficient for the purpose and all charges on the undivided interest in the property owned by each apartment owner.