CONVEYANCES AND MORTGAGES OF REALTY
UNIT OWNERSHIP OF REAL PROPERTY
479-A:15 Removal From Provisions of This Chapter.
All of the unit owners may remove a property from the provisions of this chapter by an instrument to that effect, duly recorded, provided that the holders of all liens affecting any of the units consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the unit owner in the property as provided in this section. Upon removal of the property from the provisions of this chapter, the property shall be deemed to be owned in common by the unit owners. The undivided interest in the property owned in common which shall appertain to each unit owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.
Source. 1965, 155:1, eff. Aug. 14, 1965.