Iowa Code § 499B.8

1. All of the apartment owners may remove a property from the provisions of this chapter by an instrument to that effect, duly recorded, provided that the holders of all liens affecting any of the apartments consent thereto or agree, in either case by instruments duly recorded, that their liens be transferred to the percentage of the undivided interest of the apartment owner in the property as hereinafter provided. 2. Upon removal of the property from the provisions of this chapter, the property shall Tue Dec 09 22:06:44 2025 Iowa Code 2026, Chapter 499B (26, 0) §499B.8, HORIZONTAL PROPERTY (CONDOMINIUMS) 4 be deemed to be owned in common by the apartment owners. The undivided interest in the property owned in common which shall appertain to each apartment owner shall be the percentage of undivided interest previously owned by such owner in the common area and facilities. [C66, 71, 73, 75, 77, 79, 81, §499B.8] Referred to in §499B.9