A. By agreement of the unit owners, any two or more condominiums may be merged or consolidated into a single condominium. Unless the agreement provides otherwise, the combined condominium is, for all purposes, the legal successor to the preexisting condominiums. The associations of the preexisting condominiums shall also be merged or consolidated into a single association which shall hold all powers, rights, obligations, assets and liabilities of the preexisting associations.
B. An agreement of two or more condominiums to merge or consolidate pursuant to Subsection A of this section shall be evidenced by an agreement prepared, executed, recorded and certified by the president of the association of each of the preexisting condominiums following approval by owners of units to which are allocated the precentage [percentage] of votes in each condominium required to terminate that condominium. Any such agreement shall be recorded in each county in which a portion of the condominium is located and is not effective until recorded.
C. Every merger or consolidation agreement shall provide for the reallocation of the allocated interests in the new association among the units of the resultant condominium either by stating the reallocations or the formulas upon which they are based or by stating the percentage of overall allocated interests of the new condominium which are [is] allocated to all of the units comprising each of the preexisting condominiums; providing that the portion of the percentages allocated to each unit formerly comprising a part of the preexisting condominium shall be equal to the percentages of allocated interests allocated to that unit by the declaration of the preexisting condominium.
History: 1978 Comp., § 47-7-25.1, enacted by Laws 1981, ch. 282, § 2.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Structure 2021 New Mexico Statutes
Article 7 - Building Unit Ownership
Section 47-7-3 - Application of act.
Section 47-7-4 - Status of the units.
Section 47-7-5 - Ownership of units.
Section 47-7-6 - Common areas and facilities.
Section 47-7-7 - Compliance with covenants; bylaws; administrative provisions.
Section 47-7-8 - Certain work prohibited.
Section 47-7-9 - Liens against units; removal from lien; effect of part payment.
Section 47-7-10 - Common profits and expenses.
Section 47-7-11 - Contents of declaration.
Section 47-7-12 - Declaration; apportionment of interest.
Section 47-7-13 - Contents of deeds of units.
Section 47-7-14 - Copy of the floor plans to be filed.
Section 47-7-15 - Blanket encumbrances affecting a unit at time of first conveyance.
Section 47-7-17 - Removal from provisions of the Building Unit Ownership Act.
Section 47-7-18 - Removal no bar to subsequent resubmission.
Section 47-7-20 - Contents of bylaws.
Section 47-7-21 - Books of receipts and expenditures; availability for examination.
Section 47-7-22 - Waiver of use of common areas and facilities; abandonment of unit.
Section 47-7-24 - Priority of lien.
Section 47-7-25 - Joint and several liability of grantor and grantee for unpaid common expenses.
Section 47-7-25.1 - Merger or consolidation of condominiums.