HomeMy WebLinkAbout04631. Terminating the Condominium Fegime
with respect to the destroyed or damaped Building and
making the site thereof a Common Flement of. the Condinium;
or,
2. Rebuildin~ and reconstructing the
destroyed or damaged building in a manner apnroved by two-
thirds (2/3) of the Condominium Unit Owners, not including
for this purpose the Condominium Association with respect to
the Units owned by it, which interests shall not be voted.
(c) In the event that the Association decides
to terminate the Regime with resoect to the damaged or
destroyed Building, a certificate shall be filed among the
Public Records executed by two (2) officers of the Association
evidencing the Association's intent to amend the Declara~ion
of Condominium under this provision by removin~ from the
Condominium Property the destroyed and/or damaged Building
as an improvement and by redistributinp, the shares in the
Common Elements previously owned by the Unit Owners in the
destroyed or damaged Building among the remainin~ tinit
Owners in the proportions that their shares of the Common
Elements as set forth in Article VII hereof bear to one
another; such that upon completion of such redistribution
one-hundred percent (100%) of the Common Elements will have
been distributed among the remaining Condominium Unit Owners
and the~Condominium Units not contained in the damaged or
destroyed Building. Said certificate shall also redistribute
the shares of the Common Expenses and Common Surplus oreviously
attributable to the Units in the damaged or destroyed Building
among the remaining Units in the oroportions of their shares
of the Common Expenses and Common Surplus as set forth in
Article VIII of this Declaration of Condominium bear to one
another, such that upon completion of such redistribution,
one-hundred percent (100%) of the Common Expenses and Common
Surplus will have been distributed among the remaininp
Condominium L~nits not contained in the damaged or destroyed
Buildin~? .
ARTICLE XXIV
TERI~IINATION
This Con~omiminum may be terr~inated in the ~ollowing
ways in addition to any manner vrovided in Section 718.117
of the Condominium Act~ as the same may be amended from time
to time, to wit:
A. Destruction. The Condominium may be terminated due
to major damage or destruction as nrovided in Article XXIII
of this Declaration.
B. Agreement. The Condominium may be terminated b_y
approval ~in writing of all 1lnit Owners and all institutional
mortgagees owning mortgages on the Condominium Units.
C. Member Approval and Purchase Option. If the proposed
termination is submitted to a meeting ot the members of the
Association pursuant to vroper notice, and is approved in
writing within sixty (60) days of said meeting bv at least
three-fourths (3/4) of the members of the Association and
all institutional mortgagees, then the Association and the
approving Unit Owners shall have~an option to purchase all
of the Units of the other Unit Owners for a veriod exniring
ninety (90) days from the date of_ said meeting. Approvals
of the termination shall be irrevocable until the expiration
of the option and if the~ontion is exercised, the approvals
shall be irrevocable. The option shall be exercised upon the
following terms:
~ (1) Exercise of O~tion. An Agreement to Purchase,
exercised by the Association an~/or the Unit Owners of. the
Condominium particiaating in the purchase, shall be delivered
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