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35-8A-208
Section 35-8A-208 Limited common elements. (a) Except for the limited common elements described
in Section 35-8A-202(2) and (4), the declaration must specify to which unit or units each
limited common element is allocated. An allocation may not be altered without the consent
of the association and the unit owners whose units are affected by the amendment. (b) Except
as the declaration otherwise provides, a limited common element may be reallocated by an amendment
to the declaration executed by the unit owners between or among whose units the reallocation
is made. The association shall prepare, execute, and record the amendment which is subject
to Section 35-8A-217(e), and the cost shall be borne by the unit owners executing the amendment.
The amendment shall be recorded and indexed in the names of the unit owners executing the
amendment, the condominium, and the association. (c) A common element not previously allocated
as a limited common element may not be so allocated except...
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35-8A-107
Section 35-8A-107 Eminent domain. (a) If a unit is acquired by eminent domain, or if part of
a unit is acquired by eminent domain leaving the unit owner with a remnant which may not practically
or lawfully be used for any purpose permitted by the declaration, the award must compensate
the unit owner for the unit and its interest in the common elements, whether or not any common
elements are acquired. Upon acquisition, unless the decree otherwise provides, that unit's
allocated interests are automatically reallocated to the remaining units in proportion to
the respective allocated interests of those units before the taking, and the association shall
promptly prepare, execute, and record an amendment to the declaration reflecting the reallocations.
Any remnant of a unit remaining after part of a unit is taken under this subsection is thereafter
a common element. (b) Except as provided in subsection (a), if part of a unit is acquired
by eminent domain, the award must compensate the unit...
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35-8A-218
Section 35-8A-218 Termination of condominium. (a) Except in the case of a taking of all the
units by eminent domain specified in Section 35-8A-107, a condominium may be terminated only
by agreement of unit owners of units to which at least 80 percent of the votes in the association
are allocated, or any larger percentage the declaration specifies. The declaration may specify
a smaller percentage only if all of the units in the condominium are restricted exclusively
to nonresidential uses. (b) An agreement to terminate must be evidenced by the execution of
a termination agreement, or ratifications thereof, in the same manner as a deed, by the requisite
number of unit owners. The termination agreement must specify a date after which the agreement
will be void unless it is recorded before that date. A termination agreement and all ratifications
thereof must be recorded in every county in which a portion of the condominium is situated,
and is effective only upon recordation. (c) In the...
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35-8A-313
or such greater percentage of such actual cash value as may be necessary to prevent the applicability
of any co-insurance provision and at each renewal date, exclusive of land, excavations, foundations,
and other items normally excluded from property policies; and (2) Liability insurance, including
medical payments insurance, in an amount determined by the board but not less than any amount
specified in the declaration, covering all occurrences commonly insured against for death,
bodily injury, and property damage arising out of or in connection with the use, ownership,
or maintenance of the common elements. (b) In the case of a building containing units having
horizontal boundaries described in the declaration, the insurance maintained under subdivision
(a)(1), to the extent reasonably available, must include the units, but need not include improvements
and betterments installed by unit owners. (c) If the insurance described in subsections (a)
and (b) is not reasonably available,...
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35-8-2
the condominium property as set forth in the declaration in which all of the unit owners have
an undivided interest. (3) COMMON EXPENSES. The expenses arising out of ownership of common
elements for which the unit owners are liable to the association in accordance with the declaration
and bylaws. (4) COMMON SURPLUS. The excess of all receipts of the association arising out
of ownership of common elements over the amount of common expenses. (5) CONDOMINIUM. The form
of ownership of real or personal property or a combination thereof under a declaration
providing for ownership of units of the property by one or more owners. Such units may consist
of private elements together with an undivided interest in common and limited common elements.
(6) CONDOMINIUM PROPERTY. The property covered by the declaration and all easements, rights,
and interests belonging thereto or intended for the benefit thereof. Where such property is
real property there is no requirement that it be contiguous. (7)...
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35-8-9
person having an insurable risk may be precluded from obtaining insurance, individually, at
his own expense and for his own benefit, against any risk, whether or not covered by insurance
maintained by the association. Such forms of insurance maintained by the association may include
but are not limited to the following: a. Insurance covering the entire condominium property
against loss by fire and such other hazards as may be desired. b. Liability insurance against
any risk, such as death, personal injury, or damage to property, faced by unit
owners by virtue of their common or limited common ownership in the condominium property,
including but not limited to the acts and omissions of the association, its servants, and
employees. (5) The association may have access to each unit from time to time during reasonable
hours as may be necessary for the maintenance, repair, or replacement of any common elements
or limited common elements therein or accessible therefrom or for making...
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35-8A-312
Section 35-8A-312 Conveyance or encumbrance of common elements. (a) In a condominium portions
of the common elements may be conveyed or subjected to a security interest by the association
if persons entitled to cast at least 80 percent of the votes in the association, including
80 percent of the votes allocated to units not owned by a declarant, or any larger percentage
the declaration specifies, agree to that action; but all the owners of units to which any
limited common element is allocated must agree in order to convey that limited common element
or subject it to a security interest. The declaration may specify a smaller percentage only
if all of the units are restricted exclusively to nonresidential uses. Proceeds of the sale
or loan are an asset of the association. (b) An agreement to convey common elements in a condominium
or subject them to a security interest must be evidenced by the execution of an agreement,
or ratifications thereof, in the same manner as a deed, by the...
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35-8-7
Section 35-8-7 Establishment of condominium property; contents of declaration. Condominium
property shall be established by recording a properly executed declaration as set forth in
Section 35-8-11. A declaration shall be executed with the formalities of a deed to real property.
It shall be executed by all persons having title of record or lien interests of record to
such real property, not including mineral interests, royalty interests, rights-of-way, and
easements. In addition to such other provisions as may be desired, not inconsistent with this
chapter, the declaration shall contain: (1) A statement submitting the property described
to the provisions of this chapter; (2) The name by which the condominium is to be identified,
which name shall include the word "condominium" or be followed by the words "a
condominium"; (3) A legal description of the land included; (4) Plans or other graphic
or narrative description of the property in sufficient detail to identify common elements,...
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35-8A-205
Section 35-8A-205 Contents of declaration. (a) The declaration for a condominium must contain:
(1) The name of the condominium, which must include the word "condominium" or be
followed by the words "a condominium," and the name of the association; (2) The
name of every county in which any part of the condominium is situated; (3) A legally sufficient
description of the real estate included in the condominium; (4) A statement of the maximum
number of units which the declarant reserves the right to create; (5) A description of the
boundaries of each unit created by the declaration, including the unit's identifying number;
(6) A description of any limited common elements, other than those specified in Section 35-8A-202(2)
and (4), as provided in Section 35-8A-209(b)(10); (7) A description of any common elements
(except real estate subject to development rights) which may be allocated subsequently as
limited common elements, other than limited common elements specified in Section...
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35-8A-103
interest in, over, or under land, including structures, fixtures, and other improvements and
interests which by custom, usage, or law pass with a conveyance of land though not described
in the contract of sale or instrument of conveyance. "Real estate" includes parcels
with or without upper or lower boundaries, and spaces that may be filled with air or water.
(22) RESIDENTIAL PURPOSES. Use for dwelling or recreational purposes, or both. (23) SECURITY
INTEREST. An interest in real estate or personal property created by contract or conveyance,
which secures payment or performance of an obligation. The term includes a lien created by
a mortgage, vendor's lien, deed of trust, contract for deed, land sales contract, lease intended
as security, assignment of lease, rents intended as security, or any similar security device,
pledge of an ownership interest in an association, and any other consensual lien or title
retention contract intended as security for an obligation. (24) SPECIAL...
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