Vermont Statutes Title 27 Sec. 1316
Terms Used In Vermont Statutes Title 27 Sec. 1316
- Apartment: means a part of the property intended for any type of independent use, including commercial uses. See
- Property: includes the land, the building or site and all improvements and structures thereon all owned in fee simple absolute or any other estate in real property recognized by law and all easements, rights, and appurtenances thereto, and all articles of personal property intended for use in connection therewith, which have been or are intended to be made subject to this chapter. See
- Site: means the spatial location occupied or to be occupied by a mobile home, including all utilities and amenities appurtenant to the location such as piping, wiring, plants, platforms or supports, lights, walls, and other improvements but not including the land on which the site is located. See
§ 1316. Termination, dissolution
(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 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 provided in this section.
(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; 2023, No. 6, § 363, eff. July 1, 2023.)