Disposition of property destruction or damage

If within sixty days of the date of damage or destruction of the whole or any part of the property, it is not determined by the Association of Apartment Owners to repair, reconstruct or rebuild, then and in that event:-

1. (a) the property shall be deemed to be owned in common by the apartment owners;
2. (b) the undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of the undivided interest previously owned by such owner in the common areas and facilities;
3. (c) any encumbrances affecting any of the apartments shall be deemed to be transferred in accordance with the existing priority to the percentage or the undivided interest of the apartment owner in the property as provided therein;
4. (d) the property shall be subject to partition in a suit filed by any apartment owner, in which event the net proceeds of sale together with the net proceeds or the insurance on the property, if any, shall be considered as one fund and shall be divided among all the apartment owners in percentage equal to the percentage of undivided interest owned by each owner in the property after paying out all the respective shares of the apartment owners to the extent sufficient for the purpose and all charges on the undivided interest in the property owned by each apartment owner.