2015 Kentucky Revised Statutes CHAPTER 381 - TITLE TO PROPERTY AND RESTRICTIONS ON USE, OWNERSHIP, AND ALIENATION 381.9163 Merger or consolidation of condominiums.
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381.9163 Merger or consolidation of condominiums.
(1)
(2)
(3)
Any two (2) or more condominiums by agreement of the unit owners as provided in
subsection (2) of this section, may be merged or consolidated into a single
condominium. In the event of a merger or consolidation, unless the agreement
otherwise provides, the resultant condominium is, for all purposes, the legal
successor of all of the pre-existing condominiums and the operations and activities
of all associations of the pre-existing condominiums shall be merged or
consolidated into a single association which shall hold all powers, rights,
obligations, assets, and liabilities of all pre-existing associations.
In addition to any other requirements of the declaration, the merger or consolidation
of two (2) or more condominiums pursuant to subsection (1) of this section shall be
evidenced by a recorded agreement duly executed by the president of the association
of each of the pre-existing condominiums following approval by owners of units to
which are allocated the percentage of votes in each condominium required to
terminate that condominium. Any such agreement shall be recorded in every county
in which a portion of the condominium is located and is not effective until recorded.
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:
(a) By stating the reallocations or the formulas upon which they are based; or
(b) By stating the percentage of overall allocated interests of the new
condominium which are allocated to all of the units comprising each of the
pre-existing condominiums, and providing that the portion of the percentages
allocated to each unit formerly comprising a part of the pre-existing
condominium shall be equal to the percentages of allocated interests allocated
to that unit by the declaration of the pre-existing condominium.
Effective: January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 32, effective January 1, 2011.
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