Removal Of Property From Law — Common Ownership — Resubmission

TITLE 55 PROPERTY IN GENERAL CHAPTER 15 CONDOMINIUM PROPERTY ACT 55-1510. Removal of property from law — Common ownership — Resubmission. Unless otherwise provided in the declaration, a project may be removed from the provisions of this act by a vote or written consent of the condominium owners owning at least a two-thirds (2/3) interest in the common areas as percentages of interest are allocated pursuant to section 55-1505 (1)(c), and by filing for record in the county where the project is located a written instrument signed and acknowledged by such owners wherein it is stated that such described project is so withdrawn, provided, holders of all liens affecting any of the units or the common must consent or agree thereto in writing by recorded written instrument in which event their liens shall be deemed forthwith, and without change of seniority, transferred (a) to the former condominium owner’s undivided interest in the property as hereinafter provided if such lien was upon a condominium, and (b) upon the entire property if the lien was specifically upon the common areas or the project as a whole and not upon any particular condominium or condominiums; provided further, however, nothing herein contained shall be construed to restrict the right to limit, prohibit or make other provisions respecting withdrawal from this act by provision in the declaration. Upon such removal under this section the property shall be deemed to be owned in common and each former condominium owner shall have an exclusive right to the occupancy of what formerly was his unit. Removal of a project from the provisions of this act shall in no way bar the subsequent resubmission of the property to the provisions of this act.