(a) All of the apartment or site owners may remove a property from the provisions of this chapter by an instrument to that effect, duly recorded, if the holders of all liens affecting any of the apartments or sites 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 or site owner in the property as herein provided.

(b) Upon removal of the property from the provisions of this chapter, the property shall be considered to be owned in common by the apartment or site owners. The undivided interest in the property owned in common which shall appertain to each apartment or site owner shall be the percentage of undivided interest previously owned by the owner in the common areas and facilities. (Added 1967, No. 228 (Adj. Sess.), § 16, eff. Jan. 23, 1968; amended 1993, No. 97, § 2.)