HomeMy WebLinkAbout0091 without the written consent of the record owners of all institutional
mortgaqes on Condominiwn Parcels in this Condominium.
XI. ~ Z~Nl~TION ~dF THE CO~NDOMTNIUM
This Condominium shall cease to exist as a condominiwn
in the event of either of the following contingencies:
A. In the event af destruction of improvements aa a
result of which less than tWenty-five (25) apartments are tenantable
and the owners of one hundred tw~o (102) or more apartments fail
to elect to reconstruct the improvements. •
B. At any time that the owners of at least one
hundred five (105) apartments and the owners and holders of all
institutional mortgages elect in writing to terminate the condominium.
Evidence of the termination of the condominium shall be
by recorded Resolution of the Condominiwn Association showing
fulfillment of the contingencies described herein. Inenediately
following a decision of apartment owners resulting in termination
of the condominiwn, each awner shall deliver to the Condominium
Association an appropriate deed conveying his apartment to the
Condominium Association (or to a grantee named by the Condominium
Association), and the Condominium Association shall then proceed
to sell all of the property upon terms and conditions approved
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~ by the Condominium Association. The proceeds of sale shall be
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~ held for distribution to the owners of apartments in the same
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~ percentages as their shares in the common elements as set forth
; in Exhibit "A"; provided, hawever, that distribution to apartment
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~ owners shall be adjusted to take into consideration any proceeds
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` available or previously distributed from the hazard insurance
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~ carrier or carriers of the Condominium Association for the direct
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benefit of the owners of an apartment, such distribution of insurance
~ proceeds being directly related to the termination of the condominium.
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; In making distribution, the Condominium Association shall first '
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