Disposition of property, destruction or damage

If within sixty days of the date of damage or destruction to all or part of the property it is not determined by the Association of Apartment Owners to repair, re-construct or rebuild, then and in that event,— (a) the property shall be deemed to be owned in common by the apartment owners; (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; (c) any encumbrances affecting any of the apartments shall be deemed to be transferred in accordance with the existing priority to the percentage of the undivided in interest of the apartment owner, in the property as provided therein; (d) the property shall be subject to an action for partition at the suit of any apartment owner, in which event the net proceeds of sale together with the net proceeds of 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 first 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.