§ 339-cc. Repair or reconstruction. 1. Except as hereinafter provided,
damage to or destruction of the building shall be promptly repaired and
reconstructed by the board of managers, using the proceeds of insurance,
if any, on the building for that purpose, and any deficiency shall
constitute common expenses; provided, however, that if three-fourths or
more of the building is destroyed or substantially damaged and
seventy-five per cent or more of the unit owners do not duly and
promptly resolve to proceed with repair or restoration, then and in that
event the property or so much thereof as shall remain, shall be subject
to an action for partition at the suit of any unit owner or lienor as if
owned in common, in which event the net proceeds of sale, together with
the net proceeds of insurance policies, if any, shall be considered as
one fund and shall be divided among all the unit owners in proportion to
their respective common interests, provided, however, that no payment
shall be made to a unit owner until there has first been paid off out of
his share of such fund all liens on his unit.

2. Notwithstanding the provisions of subdivision one hereof, in the
case of a qualified leasehold condominium, any damage to or destruction
of the building shall be promptly repaired and reconstructed by the
board of managers, and the proceeds of the insurance policy or policies
required for qualified leasehold condominiums pursuant to the provisions
of section three hundred thirty-nine-bb of this chapter shall first be
applied to such repair and reconstruction.