Disposition of property on destruction or damage.—

Where in the event of the property either in the entirety or in part being damaged or destroyed and the society or the Association of Apartment owners has not undertaken to repair, reconstruct or rebuild within a period of ninety days or such further period as may be specified by the competent authority from the date of damage or destruction,- (a) the property shall be deemed to be owned in common by all the apartment owners in the same percentage as the percentages of the undivided interest specified in the Deed of Apartment; (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 and the limited common areas and facilities; (c) any encumbrance affecting any of the apartments shall be deemed to be transferred in accordance with the existing priority to the percentage of the undivided interest of those apartment owners in the property.