§ 47C‑2‑121. Merger or consolidation of condominiums.
(a) Any two or more condominiums may, by agreement of the unitowners as provided in subsection (b), be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium shall be, for all purposes, thelegal successor of all of the pre‑existing condominiums, and theoperations and activities of all associations of the pre‑existingcondominiums shall be merged or consolidated into a single association whichshall hold all powers, rights, obligations, assets and liabilities of all pre‑existingassociations.
(b) An agreement of two or more condominiums to merge orconsolidate pursuant to subsection (a) must be evidenced by an agreementprepared, executed, recorded and certified by the president of the associationof each of the pre‑existing condominiums following approval by owners ofunits to which are allocated the percentage of votes in each condominiumrequired to terminate that condominium. Any such agreement must be executed inthe same manner as a deed and recorded in every county in which a portion ofthe condominium is located and is not effective until recorded.
(c) Every merger or consolidation agreement must provide for thereallocation of the allocated interests in the new association among the unitsof the resultant condominium either (i) by stating such reallocations or theformulas upon which they are based or (ii) by stating the percentage of overallallocated interests of the new condominium which are allocated to all of theunits comprising each of the pre‑existing condominiums and providing thatthe portion of such percentages allocated to each unit formerly comprising apart of such pre‑existing condominium shall be equal to the percentagesof allocated interests allocated to such unit by the declaration of the pre‑existingcondominiums. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
§ 47C‑2‑121. Merger or consolidation of condominiums.
(a) Any two or more condominiums may, by agreement of the unitowners as provided in subsection (b), be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium shall be, for all purposes, thelegal successor of all of the pre‑existing condominiums, and theoperations and activities of all associations of the pre‑existingcondominiums shall be merged or consolidated into a single association whichshall hold all powers, rights, obligations, assets and liabilities of all pre‑existingassociations.
(b) An agreement of two or more condominiums to merge orconsolidate pursuant to subsection (a) must be evidenced by an agreementprepared, executed, recorded and certified by the president of the associationof each of the pre‑existing condominiums following approval by owners ofunits to which are allocated the percentage of votes in each condominiumrequired to terminate that condominium. Any such agreement must be executed inthe same manner as a deed and recorded in every county in which a portion ofthe condominium is located and is not effective until recorded.
(c) Every merger or consolidation agreement must provide for thereallocation of the allocated interests in the new association among the unitsof the resultant condominium either (i) by stating such reallocations or theformulas upon which they are based or (ii) by stating the percentage of overallallocated interests of the new condominium which are allocated to all of theunits comprising each of the pre‑existing condominiums and providing thatthe portion of such percentages allocated to each unit formerly comprising apart of such pre‑existing condominium shall be equal to the percentagesof allocated interests allocated to such unit by the declaration of the pre‑existingcondominiums. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
§ 47C‑2‑121. Merger or consolidation of condominiums.
(a) Any two or more condominiums may, by agreement of the unitowners as provided in subsection (b), be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium shall be, for all purposes, thelegal successor of all of the pre‑existing condominiums, and theoperations and activities of all associations of the pre‑existingcondominiums shall be merged or consolidated into a single association whichshall hold all powers, rights, obligations, assets and liabilities of all pre‑existingassociations.
(b) An agreement of two or more condominiums to merge orconsolidate pursuant to subsection (a) must be evidenced by an agreementprepared, executed, recorded and certified by the president of the associationof each of the pre‑existing condominiums following approval by owners ofunits to which are allocated the percentage of votes in each condominiumrequired to terminate that condominium. Any such agreement must be executed inthe same manner as a deed and recorded in every county in which a portion ofthe condominium is located and is not effective until recorded.
(c) Every merger or consolidation agreement must provide for thereallocation of the allocated interests in the new association among the unitsof the resultant condominium either (i) by stating such reallocations or theformulas upon which they are based or (ii) by stating the percentage of overallallocated interests of the new condominium which are allocated to all of theunits comprising each of the pre‑existing condominiums and providing thatthe portion of such percentages allocated to each unit formerly comprising apart of such pre‑existing condominium shall be equal to the percentagesof allocated interests allocated to such unit by the declaration of the pre‑existingcondominiums. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
