selling our property

State law dictates how we can sell the property. I have listed state statue 76-812 below. My question is if we do sell and become tenants in common (from my research this is not a lot different than owning our units) who would be responsible for the upkeep of the building? Would we have to pay "rent" as opposed to a "fee".
As I mentioned before our declarant has mentioned the possibility of buying the building back from us.

76-812. Disposition of property; vote of co-owners required; effect.

Unless otherwise provided in the master deed or bylaws, the co-owners may, by affirmative vote of at least three-fourths, elect to sell or otherwise dispose of the property, or to waive the condominium property regime; Provided, that the individual apartments are unencumbered, or if encumbered, that the creditors in whose behalf the encumbrances are recorded agree to accept as security the undivided portions of the property owned by the debtors. Upon waiver of the regime, the co-owners shall own the property as tenants in common in accordance with their interests as determined by section 76-806.

Any such action shall be binding upon all co-owners and it shall thereupon be the duty of every co-owner to execute and deliver such instruments and to perform all acts as may be necessary.

Source:Laws 1963, c. 429, § 12, p. 1441.

Thanks John.
I did understand the encumbered and non encumbered part of the state law. However, that wasn't my question.

My question is if we do sell and become tenants in common (from my research this is not a lot different than owning our units) who would be responsible for the upkeep of the building? Would we have to pay "rent" as opposed to a "fee".

I have to say that I didn't understand the question AND that the immediately previous comment doesn't seem to make sense either.

As far as I know, the law says you may elect to sell OR dissolve the condo corporation and become Tenants In Common. At that point, rather than each individual owner having a title, every co-owner is listed on the property title as tenants in common, either equally or according to the percentages agreed upon (such as sq. footage or views, etc). Tenancy in common agreements, such as what I think you are referring to, assign each co-owner exclusive use of an apartment or house to occupy or rent out as that person wishes. There is no right of survivorship in a TIC. When a co-owner dies, the percentage owned does not pass to the other co-owners, but instead passes on through inheritance. Maintenance of common items is financed by the co-owners, again either equally or according to the percentage owned by each co-owner.

Depending on the legal agreements, the co-owners pay monthly into a fund that covers all the known expenses and maintenance items. Reserve funds can be set up for big-ticket items. Property managers can be hired to manage or someone in the group can manage voluntarily or with compensation. Decisions can be made by the entire group or delegated to some of the group as representatives. It's not too different from condo living, except that a higher degree of census and cooperation makes life easier for all, and there usually isn't a separate legal organization running things. Usually TICs work better with five or less co-owners, but I don't think the numbers are restricted.

States vary on their laws, so this is just a general description. Your questions are somewhat confusing because they refer to selling or the declarant possibly buying the building back, and I'm not sure how either of those fit in with TIC, in the context of the law you cited.