Marvin Mandel, Governor                        1081

11-114. Termination not bar to subsequent regime.

The merger provided for in § 128 11-113 shall in no way bar the
subsequent constitution of the property into another horizontal prop-
erty regime.

11-115. Books and records to be kept; inspection; audit.

The manager or board of directors, or other form of administra-
tion provided, in the bylaws, shall keep books with detailed accounts
in chronological order, of receipts and of the expenditures affecting
the building and its administration and specifying the maintenance
and repair expenses of the common elements and any other expenses
incurred. The books and vouchers accrediting the entries made there-
upon shall be available for examination by the co-owners, their
duly authorized agents or attorneys, at normal business hours. All
books and records shall be kept in accordance with good accounting
practices and an outside audit be made at least once a year.

11-116. Distribution of common profits; contributions toward com-
mon expenses.

(a)    The common profits of the property shall be distributed
among, and the common expenses shall be charged to, the unit owners
according to the percentages established by 11-105 of this title.

(b)    All co-owners shall contribute in accordance with the per-
centages toward the expenses of administration and of maintenance
and repairs of the general common elements, and, in proper cases,
of the limited common elements of the building and toward any other
expenses lawfully agreed upon by the council of co-owners.

(c)    No owner shall be exempt from contributing toward such
common expenses by waiver of the use or enjoyment of the common
elements, both general and limited, or by the abandonment of the
condominium unit belonging to him.

(d)    The contribution may pursuant to a provision in the by-laws,
be determined, levied and assessed as a lien on the beginning of
each calendar or fiscal year, and may become and be due and payable
in such installments as the bylaws may provide, and the bylaws may
further provide that upon default in the payment of any one or more
of such installments, the balance of said lien may be accelerated
at the option of the manager, or board of directors and be declared
due and payable in full.

11-117. Priority of liens.

The lien established by 11-116 of this title shall have preference
over any other assessments, liens, judgments or charges of whatever
nature, except the following:

(a)    General and special assessments for real estate taxes on the
condominium unit and,

(b)    The liens of any deeds of trust, mortgage instruments or
encumbrances duly recorded on the condominium unit prior to the
assessment of the lien thereon or duly recorded on said unit after