Removal from provisions of Part.

(1) All the apartment owners may remove a property from the provisions of this Part by an instrument to that effect duly executed, if the holders of all charges and other encumbrances affecting any of the apartments consent there to or agree, in either case by instruments duly executed, that their charges of encumbrances be transferred to the percentage of the undivided interest of the apartment owner in the property as hereinafter provided.

(2) Upon removal of the property from the provisions of this Part the property shall be deemed to be owned in common by the apartment owners. The undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common areas and facilities.