(1) 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
(2) 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.
(3) 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
(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
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