§ 34-36.1-2.21 Merger or consolidation ofcondominiums. – (a) Any two (2) or more condominiums, by agreement of the unit owners asprovided in subsection (b), may be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium is, for all purposes, the legalsuccessor of all of the preexisting condominiums and the operations andactivities of all associations of the preexisting condominiums shall be mergedor consolidated into a single association which shall hold all powers, rights,obligations, assets, and liabilities of all preexisting associations.
(b) An agreement of two (2) 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 preexisting condominiums following approval by owners of unitsto which are allocated the percentage of votes in each condominium required toterminate that condominium. The agreement must be recorded in everymunicipality in which a portion of the condominium is located and is noteffective until recorded.
(c) Every merger or consolidation agreement must provide forthe reallocation of the allocated interests in the new association among theunits of the resultant condominium either:
(1) By stating the reallocations or the formulas upon whichthey are based; or
(2) By stating the percentage of overall allocated interestsof the new condominium which are allocated to all of the units comprising eachof the preexisting condominiums, and providing that the portion of thepercentage allocated to each unit formerly comprising a part of the preexistingcondominium must be equal to the percentages of allocated interests allocatedto that unit by the declaration of the preexisting condominium.
§ 34-36.1-2.21 Merger or consolidation ofcondominiums. – (a) Any two (2) or more condominiums, by agreement of the unit owners asprovided in subsection (b), may be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium is, for all purposes, the legalsuccessor of all of the preexisting condominiums and the operations andactivities of all associations of the preexisting condominiums shall be mergedor consolidated into a single association which shall hold all powers, rights,obligations, assets, and liabilities of all preexisting associations.
(b) An agreement of two (2) 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 preexisting condominiums following approval by owners of unitsto which are allocated the percentage of votes in each condominium required toterminate that condominium. The agreement must be recorded in everymunicipality in which a portion of the condominium is located and is noteffective until recorded.
(c) Every merger or consolidation agreement must provide forthe reallocation of the allocated interests in the new association among theunits of the resultant condominium either:
(1) By stating the reallocations or the formulas upon whichthey are based; or
(2) By stating the percentage of overall allocated interestsof the new condominium which are allocated to all of the units comprising eachof the preexisting condominiums, and providing that the portion of thepercentage allocated to each unit formerly comprising a part of the preexistingcondominium must be equal to the percentages of allocated interests allocatedto that unit by the declaration of the preexisting condominium.
§ 34-36.1-2.21 Merger or consolidation ofcondominiums. – (a) Any two (2) or more condominiums, by agreement of the unit owners asprovided in subsection (b), may be merged or consolidated into a singlecondominium. In the event of a merger or consolidation, unless the agreementotherwise provides, the resultant condominium is, for all purposes, the legalsuccessor of all of the preexisting condominiums and the operations andactivities of all associations of the preexisting condominiums shall be mergedor consolidated into a single association which shall hold all powers, rights,obligations, assets, and liabilities of all preexisting associations.
(b) An agreement of two (2) 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 preexisting condominiums following approval by owners of unitsto which are allocated the percentage of votes in each condominium required toterminate that condominium. The agreement must be recorded in everymunicipality in which a portion of the condominium is located and is noteffective until recorded.
(c) Every merger or consolidation agreement must provide forthe reallocation of the allocated interests in the new association among theunits of the resultant condominium either:
(1) By stating the reallocations or the formulas upon whichthey are based; or
(2) By stating the percentage of overall allocated interestsof the new condominium which are allocated to all of the units comprising eachof the preexisting condominiums, and providing that the portion of thepercentage allocated to each unit formerly comprising a part of the preexistingcondominium must be equal to the percentages of allocated interests allocatedto that unit by the declaration of the preexisting condominium.
