499B.8 Removal from provisions of this chapter.
1. All of the apartment owners may remove a property from the provisions of this chapter by an instrument to that effect, duly recorded, provided that the holders of all liens affecting any of the apartments consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the apartment owner in the property as hereinafter provided.
2. Upon removal of the property from the provisions of this chapter, the property shall be deemed to be owned in common by the apartment owners. The undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common area and facilities.
[C66, 71, 73, 75, 77, 79, 81, §499B.8]
Referred to in §499B.9
Structure Iowa Code
Chapter 499B - HORIZONTAL PROPERTY (CONDOMINIUMS)
Section 499B.3 - Recording of declaration to submit property to regime.
Section 499B.4 - Contents of declaration.
Section 499B.5 - Contents of deeds of apartments.
Section 499B.6 - Copy of the floor plans to be filed.
Section 499B.7 - Interest in common elements — reference to them in instrument.
Section 499B.8 - Removal from provisions of this chapter.
Section 499B.9 - Removal no bar to subsequent resubmission.
Section 499B.10 - Individual apartments and interest in common elements are alienable.
Section 499B.11 - Real property tax and special assessments — levy on each apartment.
Section 499B.12 - Liens against apartments — removal from lien — effect of part payment.
Section 499B.15 - Contents of bylaws.
Section 499B.16 - Disposition of property — destruction or damage.
Section 499B.17 - Lien against owner of unit.
Section 499B.18 - Common expenses before foreclosure.
Section 499B.19 - Common expenses after voluntary conveyance.