125 (1) A corporation that has made a sale under section 124 and every owner in the corporation shall be deemed to have made an agreement that an owner who has dissented on the vote authorizing the sale may, within 30 days of the vote, submit to mediation a dispute over the fair market value of the property or the part of the common elements that has been sold, determined as of the time of the sale. 1998, c. 19, s. 125 (1). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 125 (1) of the Act is amended by adding “in accordance with the prescribed requirements, if any” after “agreement”. (See: 2015, c. 28, Sched. 1, s. 108 (1)) Application of s. 132 (2) If an owner submits a dispute to mediation in accordance with the agreement mentioned in subsection (1), section 132 applies to the dispute with necessary modifications as if it were a disagreement under that section. 1998, c. 19, s. 125 (2); 2015, c. 28, Sched. 1, s. 108 (2). Notice (3) An owner who submits a dispute to mediation shall give the corporation notice of intention within 10 days after the vote authorizing the sale. 1998, c. 19, s. 125 (3). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 125 (3) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 108 (3)) Notice (3) An owner who submits a dispute to mediation in accordance with the agreement mentioned in subsection (1) shall give the corporation notice of intention in accordance with the prescribed requirements, if any, within 10 days after the vote authorizing the sale. 2015, c. 28, Sched. 1, s. 108 (3). Entitlement to amount (4) An owner who serves a notice of intention is entitled to receive from the proceeds of the sale the amount the owner would have received if the sale price had been the fair market value as determined by the arbitration. 1998, c. 19, s. 125 (4). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 125 (4) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 108 (3)) Entitlement to amount (4) An owner who serves a notice of intention in accordance with subsection (3) is entitled, subject to the conditions, if any, that are prescribed, to receive from the net proceeds of the sale the amount the owner would have received if the sale price had been the fair market value as determined by the arbitration. 2015, c. 28, Sched. 1, s. 108 (3). Deficiency (5) The corporation shall pay to each of the owners who served a notice of intention, the deficiency in the amount to which the owner is entitled if the proceeds of the sale are inadequate to pay the amount. 1998, c. 19, s. 125 (5). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 125 (5) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 108 (3)) Deficiency (5) The corporation shall pay to each of the owners who served a notice of intention in accordance with subsection (3), the deficiency in the amount to which the owner is entitled if the net proceeds of the sale are inadequate to pay the amount, subject to the conditions, if any, that are prescribed. 2015, c. 28, Sched. 1, s. 108 (3). Liability (6) The owners other than those who dissented on the vote authorizing the sale are liable for the amount of the deficiency payments determined by the proportions of their common interests. 1998, c. 19, s. 125 (6). Common expenses of other owners (7) The corporation shall add the amount of the liability of each of the owners who voted in favour of the sale to the common expenses appurtenant to the units of those owners and may specify a time for payment by each of those owners. 1998, c. 19, s. 125 (7). Note: On a day to be named by proclamation of the Lieutenant Governor, subsection 125 (7) of the Act is repealed and the following substituted: (See: 2015, c. 28, Sched. 1, s. 108 (4)) Common expenses of other owners (7) The corporation shall add the amount of the liability of each of the owners who voted in favour of the sale to the contribution to the common expenses payable for the unit of that owner. 2015, c. 28, Sched. 1, s. 108 (4). Section Amendments with date in force (d/m/y) 2015, c. 28, Sched. 1, s. 108 (1, 3, 4) - not in force; 2015, c. 28, Sched. 1, s. 108 (2) - 01/11/2017