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How many of the unit owners must agree with the plan before rebuilding or sale can take place? Remember, the reason for the buy-out provision
How many of the unit owners must agree with the plan before rebuilding or sale can take place? Remember, the reason for the buy-out provision in the declarations is to prevent one unit owner, or a few, unit owners, from unreasonably preventing appropriate rebuilding or sale. So set the percentage of unit owners realistically. And decide whether the larger units are to have more votes than the smaller units - if all the units are not of equal size. Also consider what provisions you should make for the mortgagees involved with the individual units. Are they also entitled to vote on this decision? If so, are the votes of the mortgagees to be weighted according to how much remains unpaid on their respective loans? Or are all the mortgagees to have an equal vote? Are all the mortgagees to vote - or only the first mortgagees? What about mortgagees who are family members of unit owners
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