If within sixty days of the date of damage or destruction to all or part of any property, or within such further time as the competent authority may, having regard to the circumstances of the case, allow, the association does not determine to repair, re-construct or rebuild such property, then:-
(a) the property shall be deemed to be owned in common by the apartment owners;
(b) the undivided interest in the property owned in common, which shall appertain to each apartment owner, shall be the percentage of the undivided interest in the common areas and facilities previously owned by such owner;
(c) an encumbrance affecting an apartment shall be deemed to be transferred in accordance with the existing property to the percentage of undivided interest of the concerned apartment owner in the property; and
(d) the property shall be subject to an action for partition at the suit of any apartment owner, in which even the net proceeds of sale together with the net proceeds of the insurance on the property, if any, after first paying of all charges on the property, shall be considered as one fund, and the respective share therein of an apartment owner will be equal to his percentage of undivided interest in the property.