(a) All of the apartment owners may remove a property from the provisions of sections 515.01 to 515.29 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.
(b) Upon removal of the property from the provisions of sections 515.01 to 515.29, 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 areas and facilities.
1963 c 457 s 16
Structure Minnesota Statutes
Chapters 500 - 515B — Property And Property Interests
Chapter 515 — Minnesota Condominium Act
Section 515.04 — Status Of The Apartments.
Section 515.05 — Ownership Of Apartments.
Section 515.06 — Common Areas And Facilities.
Section 515.07 — Compliance With Covenants, Bylaws, And Rules.
Section 515.08 — Certain Work Prohibited.
Section 515.09 — Liens Against Apartments; Removal; Part Payment.
Section 515.10 — Common Profits And Expenses.
Section 515.11 — Contents Of Declaration.
Section 515.12 — Contents Of Deeds Of Apartments.
Section 515.13 — Copy Of The Floor Plans To Be Filed.
Section 515.14 — Blanket Mortgage Lien On Apartment When First Conveyed.
Section 515.16 — Removal From Provisions Of Sections 515.01 To 515.29.
Section 515.17 — Removal No Bar To Subsequent Resubmission.
Section 515.175 — Incorporation Of Association.
Section 515.19 — Contents Of Bylaws; Annual Meeting, Report.
Section 515.195 — When First Officers' Terms End; Contract Restrictions.
Section 515.20 — Record Of Receipts And Expenses Available To Owners.
Section 515.21 — Owner Abandonment, Waiver Of Use, Does Not Avert Liability.
Section 515.215 — Disclosure Requirements To Apartment Purchasers.
Section 515.22 — Separate Taxation.
Section 515.23 — Priority Of Lien.
Section 515.24 — Joint, Several Liability Of Buyer, Seller; Common Expense.
Section 515.26 — Disposition Of Property Where It Is Damaged By Fire Or Other Disaster.