Coach 2013 Annual Report Download - page 239

15. Termination. (a) The Condominium may be terminated by vote of Unit Owners owning Units to which are appurtenant at least ninety
percent (90%) of the Common Interest of the Condominium, in each case together with the consent of (A) the respective Permitted Mortgagees of such
consenting Unit Owners and (B) as to any Unit which is then subject to a Declarant Net Lease, the consent of the Declarant Net Lessee and the Declarant Net
Lessor. If the Unit Owners so terminate the Condominium, unless the Unit Owners determine that the Property shall be sold as a whole, the same shall be
subject to an action for partition and sale by any Unit Owner as if owned in common. In the event a partition action is brought and the court orders the sale of
the Property as a whole, the net proceeds of sale shall be divided among the Unit Owners in accordance with their respective Common Interests, after first
paying out of the share of each Unit Owner the amount of all unpaid liens on its Unit in the order of their priority. No payment shall be made to a Unit Owner
until there has first been paid out of its share of such net proceeds all liens and expenses chargeable by the Board of Managers to its Unit.
(b) hi addition to the other grounds for termination set forth herein, the Condominium shall be terminated if it is determined in the manner
provided in Section 12.8.5 of the By-Laws that the Building shall not be reconstructed after a casualty, or if all or substantially all of the Property is taken by
eminent domain. The determination not to reconstruct after a casualty shall be evidenced by a certificate of the Board of Managers signed by the President or
the Vice-President and the Secretary or Treasurer. The termination shall be effective upon the filing of the certificate with the appropriate recording officer and
must include the joinder of all Permitted Mortgagees and if any Declarant Net Lease is then in effect, by the Declarant Net Lessee and the Declarant Net Lessor.
(c) After termination of the Condominium, the Unit Owners shall own the Property as tenants-in-common in undivided shares, in accordance
with their previous Common Interests, and the holders of Permitted Mortgages (as defined in the By-Laws) and liens against the Unit or Units formerly owned
by such Unit Owners shall have Permitted Mortgages and liens upon the respective undivided shares of the Unit Owners. All funds held by the Board of
Managers shall be and continue to be held for the Unit Owners in accordance with their undivided shares. The costs incurred by the Board of Managers in
connection with a termination shall be a Common Expense.
(d) The members of the Board of Managers acting collectively as agent for the Unit Owners shall continue to have such powers as in this
Declaration are granted with respect to the winding up of the affairs of the Condominium, notwithstanding the Board of Managers or the Condominium may
be dissolved upon termination.
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