Disposition of property on destruction or damage

If, within sixty days from the date of damage or destruction to all or any part of a property, it is not determined by the association to repair, reconstruct or rebuild, 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, shall appertain to each apartment owner in the percentage of the undivided interest previously owned by such owner in the common areas and facilities ; and
3. (c) any encumbrance affecting any of the apartment shall be deemed to be transferred in accordance with the existing priority to the percentage of the undivided interest of the apartment owner in the property as provided herein.