§ 47A-16. Termination of unit ownership; consent of lienholders; recordation of instruments. - North Carolina Statutes

§47A‑16.  Termination of unit ownership; consent of lienholders;recordation of instruments.

(a)        All of the unitowners may remove a property from the provisions of this Article by aninstrument to that effect, duly recorded, provided that the holders of allliens, affecting any of the units consent thereto or agree, in either case byinstruments duly recorded, that their liens be transferred to the percentage ofthe undivided interest of the unit owner in the property as hereinafterprovided.

(b)        Upon removal of theproperty from the provisions of this Article, the property shall be deemed tobe owned as tenants in common by the unit owners. The undivided interest in theproperty owned as tenants in common which shall appertain to each unit ownershall be the percentage of the undivided interest previously owned by such unitowner in the common areas and facilities. (1963, c. 685, s. 16; 1983,c. 624, s. 2.)