MARVIN MANDEL, Governor                                   395

ENCUMBRANCES ARE RECORDED AGREE TO ACCEPT AS SECURITY
UNDIVIDED PORTIONS OF THE PROPERTY OWNED BY THE DEBTORS,
AND EXECUTE OR CAUSE TO BE EXECUTED THE DEED OF
TERMINATION OR MERGER IN SUCH MANNER AS TO SHOW THIS
CONSENT AND ACCEPTANCE. UPON SUCH TERMINATION AND WAIVER
THE PROVISIONS OF § 11-106 HEREOF RESTRAINING AN ACTION
FOR PARTITION OR DIVISION OF THE CO-OWNERSHIP SHALL NO
LONGER APPLY. IN THE EVENT OF SUCH PARTITION SUIT THE
NET PROCEEDS SHALL BE DIVIDED AMONG ALL OF THE UNIT
OWNERS, IN PROPORTION TO THEIR RESPECTIVE UNDIVIDED
OWNERSHIP OF THE COMMON ELEMENTS, AFTER FIRST PAYING OFF,
OUT OF THE RESPECTIVE SHARES OF THE UNIT OWNERS, ALL
LIENS ON THE UNIT OF EACH UNIT OWNER.

11-114. TERMINATION NOT BAR TO SUBSEQUENT REGIME.

THE MERGER PROVIDED FOR IN § 11-113 SHALL IN NO WAY
BAR THE SUBSEQUENT CONSTITUTION OF THE PROPERTY INTO
ANOTHER HORIZONTAL PROPERTY REGIME.

11-115. BOOKS AND RECORDS TO BE KEPT; INSPECTION; AUDIT.

THE MANAGER OR BOARD OF DIRECTORS, OR OTHER FORM OF
ADMINISTRATION 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 HADE THEREUPON 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 COMMON 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 PERCENTAGES 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