§514B-47  Removal from provisions of this
chapter.  (a)  If:



(1)  Owners of units to which are appurtenant at least
eighty per cent of the common interests execute and record an instrument to the
effect that they desire to remove the property from this chapter, and the
holders of all liens affecting any of such units consent thereto by duly
recorded instruments; or



(2)  The common elements suffer substantial damage or
destruction and the damage or destruction has not been rebuilt, repaired, or
restored within a reasonable time after the occurrence thereof, or the unit
owners have earlier determined as provided in the declaration that the damage
or destruction shall not be rebuilt, repaired, or restored;



the property shall be subject to an action for
partition by any unit owner or lienor as if owned in common, in which event the
sale of the property shall be ordered by the court and the net proceeds of
sale, together with the net proceeds of the insurance on the property, if any,
shall be considered as one fund and, except as otherwise provided in the
declaration, shall be divided among all the unit owners in proportion to their
respective common interests; provided that no payment shall be made to a unit
owner until there has first been paid in full out of the owner's share of the
net proceeds all liens on the owner's unit.  Upon this sale, the property
ceases to be a condominium property regime or subject to this chapter.



(b)  All of the unit owners may remove a
property, or a part of a property, from this chapter by an instrument to that
effect, duly recorded, if the holders of all liens affecting any of the units
consent thereto, by duly recorded instruments.  Upon this removal from this
chapter, the property, or the part of the property designated in the instrument,
shall cease to be the subject of a condominium property regime or subject to
this chapter, and shall be deemed to be owned in common by the unit owners in
proportion to their respective common interests.



(c)  Notwithstanding subsections (a) and (b),
if the unit leases for a leasehold condominium property regime (including
condominium conveyance documents, ground leases, or similar instruments
creating a leasehold interest in the land) provide that:



(1)  The estate and interest of the unit owner shall
cease and determine upon the acquisition, by an authority with power of eminent
domain of title and right to possession of any part of the condominium property
regime;



(2)  The unit owner shall not by reason of the
acquisition or right to possession be entitled to any claim against the lessor
or others for compensation or indemnity for the unit owner's leasehold
interest;



(3)  All compensation and damages for or on account of
any land shall be payable to and become the sole property of the lessor;



(4)  All compensation and damages for or on account of
any buildings or improvements on the demised land shall be payable to and
become the sole property of the unit owners of the buildings and improvements
in accordance with their interests; and



(5)  The unit lease rents are reduced in proportion to
the land so acquired or possessed;



the lessor and the developer, if the developer
retains any interests or reserved rights in the project, shall file and record
an amendment to the declaration to reflect any acquisition or right to
possession.  The consent or joinder of the unit owners or their respective
mortgagees shall not be required, if the land acquired or possessed constitutes
no more than five per cent of the total land of the condominium property
regime.  Upon the recordation of the amendment, the land acquired or possessed
shall cease to be the subject of a condominium property regime or subject to
this chapter.  The lessor shall notify each unit owner in writing of the filing
of the amendment and the rent abatement, if any, to which the unit owner is
entitled.  The lessor shall provide the association, through its board, with a
copy of the recorded amendment.



(d)  For purposes of subsection (c), the
acquisition or right to possession may be effected:



(1)  By a taking or condemnation of property by the
State or a county pursuant to chapter 101;



(2)  By the conveyance of property to the State or
county under threat of condemnation; or



(3)  By the dedication of property to the State or
county if the dedication is required by state law or county ordinance.



(e)  The removal provided for in this section
shall in no way bar the subsequent resubmission of the property to the
requirements of this chapter. [L 2005, c 93, pt of §2; am L 2006, c 273, §11]