(a) the Act ceases to govern the condominium property;

(b) the owners are tenants in common of the land and interests appurtenant to the land described in the description in the same proportions as their common interests;

(c) encumbrances registered against the land and interests appurtenant to the land that were created before the registration of the declaration and description are as effective as if the declaration and description had not been registered;

(d) encumbrances registered against a unit and common interest that were created after the registration of the declaration and description are encumbrances against the interest of the owner in the land and interests appurtenant to the land described in the description and have the same priority as they had before the registration of the notice of termination;

(e) all other registered encumbrances against the condominium property that were created after the registration of the declaration and description are extinguished;

(f) the assets of the corporation shall be used to pay any claims against the corporation for the payment of money; and

(g) the remainder of the assets of the corporation shall be distributed among the owners in the same proportions as the proportions of their common interests.