49(1)In this section, “substantial damage” means damage to a building for which the cost of repairs would equal at least 25% of the value of the building immediately prior to the damage occurring, or a greater percentage if specified in the declaration.

49(2)If a building sustains damage, the board shall determine if the damage is substantial within 30 days after it has been sustained.

49(3)Within 60 days after determining that there is substantial damage, a vote shall be taken by the owners and if the owners of at least 60% of the common elements, or a greater percentage if specified in the declaration, vote to repair the damage, the corporation shall do so.

49(4)A corporation shall submit a notice of termination under section 55, if