Guam § 45117 - Removal From Provisions of this Chapter.

§ 45117. Removal From Provisions of this Chapter.

(a) If (1) apartment owners owning not less than eighty percent (80%)

in number of apartments in the aggregate, and owning apartments to which

are appurtenant not less than eighty percent (80%) of the common interests,

execute and record an instrument to the effect that the desire to remove the

property from this Chapter, and the holders of all liens affecting any of the

apartments of the apartment owners executing such instrument consent

thereto by instruments duly recorded, or (2) the common elements suffer

substantial damage or destruction and such damage or destruction has not

been rebuilt, repaired, or restored within a reasonable time after the

occurrence thereof, or the apartment owners have earlier determined as

provided in the declaration that such damage or destruction shall not be

rebuilt, repaired, or restored, then, and in either event, the property shall be

subject to an action for partition by any apartment owner or lienor as if

owned in common, in which event the sale of the property shall be ordered

by the court and the net proceeds of sale, together with the net proceeds of

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the insurance of the property, if any, shall be considered as one fund and

shall be divided among all the apartment owners in proportion to their

respective common interests, provided, that no payment shall be made to an

apartment owner until there has first been paid off out of his share of such

net proceeds all liens on his apartment. Upon such sale, the property ceases

to be the subject of a horizontal property regime or subject to this Chapter.

(b) All of the apartment owners may remove a property, or a part of a

property, from this Chapter by an instrument to that effect, duly recorded,

provided that the holders of all liens affecting any of the apartments consent

thereto, by instruments duly recorded. Upon such removal from this

Chapter, the property, or the part of the property designated in the

instrument, ceases to be the subject of a horizontal property regime or

subject to this Chapter, and is deemed to be owned in common by the

apartment owners in proportion to their respective common interests.