§60-528. Obsolete property.

213 words·~1 min read·/ok/title-60-property/60-528

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Ninety percent (90%) of the unit owners computed on the basis set forth in Section 503 of this title may agree that the property is obsolete in whole or in part and whether or not the same shall be renewed and restored or the property sold and the proceeds of sale distributed. If such percent of the unit owners agree to renew and restore the property, then the expense thereof shall be payable by all the unit owners as common expenses. If, however, such percent of the unit owners agree that the property be sold, then the property shall be subject to partition at the suit of any unit owner, in which event the net proceeds of sale shall be divided among all the unit owners in proportion to their respective undivided ownership of the common elements, after first paying off out of the respective shares of the unit owners, all liens on the unit of each unit owner except a declarant not making pro rata contributions pursuant to subsection

(b)of Section 512 of this title shall receive a reduced share of the proceeds in accordance with the same formula described in paragraph

(j)of Section 514 of this title. Amended by Laws 1985, c. 137, § 7, eff. Nov. 1, 1985.