35-8A-210
Section 35-8A-210 Exercise of development rights. (a) To exercise any development right reserved under Section 35-8A-205(a)(8), the declarant shall prepare, execute, and record an amendment to the declaration as specified in Section 35-8A-217 and comply with Section 35-8A-209. The declarant is the unit owner of any units thereby created. The amendment to the declaration must assign an identifying number to each new unit created, and, except in the case of subdivision or conversion of units described in subdivision (2) of subsection (c), reallocate the allocated interests among all units. The amendment must describe any common elements and any limited common elements thereby created and, in the case of limited common elements, designate the unit to which each is allocated to the extent required by Section 35-8A-208. (b) Development rights may be reserved within any real estate added to the condominium if the amendment adding that real estate includes all matters required by Section...
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35-8A-315
Section 35-8A-315 Assessments for common expenses. (a) Until the association makes a common expense assessment, the declarant must pay all common expenses. After any assessment has been made by the association, assessments must be made at least annually, based on a budget adopted at least annually by the association. (b) Except for assessments under subsections (c), (d), and (e), all common expenses must be assessed against all the units in accordance with the allocations set forth in the declaration pursuant to Section 35-8A-207(a) and (b). Any past due common expense assessment or installment thereof bears interest at the rate established by the association not exceeding 18 percent per year. (c) To the extent required by the declaration: (1) Any common expense associated with the maintenance, repair, or replacement of a limited common element must be assessed against the units to which that limited common element is assigned, equally, or in any other proportion that the declaration...
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35-8A-411
Section 35-8A-411 Release of liens. (a) In the case of a sale of a unit where delivery of an offering statement is required pursuant to Section 35-8A-402(c) or a disclosure is made pursuant to Section 35-8A-407, a seller shall record or furnish to the purchaser releases of all liens or an agreement to release any liens that encumber that unit and its common element interest, except liens on real estate that a declarant has the right to withdraw from the condominium, that the purchaser does not expressly agree in a written contract of sale which specifically identifies such lien and its amount to take subject to or assume, or provide a surety bond or substitute collateral for or insurance against the lien in the manner provided for liens on real estate in Section 35-11-233(b). (b) In conveying real estate to the association the declarant shall have that real estate released from: (i) all liens the foreclosure of which would deprive unit owners of any right of access to or easement of...
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35-8A-213
Section 35-8A-213 Subdivision of units. (a) If the declaration expressly so permits, a unit may be subdivided into two or more units. Subject to the provisions of the declaration and other provisions of law, upon application of a unit owner to subdivide a unit, the association shall prepare, execute, and record an amendment to the declaration, including the plats and plans, subdividing that unit. (b) The amendment to the declaration must be executed by the owner of the unit to be subdivided, assign an identifying number to each unit created, and reallocate the allocated interests formerly allocated to the subdivided unit to the new units in any reasonable manner prescribed by the owner of the subdivided unit. (c) Any costs incurred utilizing the procedures described in subsections (a) and (b) above shall be borne by the requesting unit owners. (Act 1990, No. 90-551, p. 858, ยง2-113.)...
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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-212
Section 35-8A-212 Relocation of boundaries between adjoining units. (a) Subject to the provisions of the declaration and other provisions of law, the boundaries between adjoining units may be relocated by an amendment to the declaration upon application to the association by the owners of those units. If the owners of the adjoining units have specified a reallocation between their units of their allocated interests, the application must state the proposed reallocations. Unless the board determines, within 30 days, that the reallocations are unreasonable, the association shall prepare an amendment that identifies the units involved, states the reallocations, is executed by those unit owners, contains words of conveyance between them, and upon recordation, is indexed in the name of the grantor, grantee, and shall be recorded as an amendment to the declaration. (b) The association shall prepare and record plats or plans necessary to show the altered boundaries between adjoining units, and...
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35-8A-404
Section 35-8A-404 Offering statement - Condominiums subject to development rights. If the declaration provides that a condominium is subject to any development rights, the offering statement must disclose, in addition to the information required by Section 35-8A-403: (1) The maximum number of units that may be created; (2) A statement of how many or what percentage of the units which may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions; (3) If any of the units that may be built within real estate subject to development rights are not to be restricted exclusively to residential use, a statement as to whether there is a maximum percentage of the units which may be used for nonresidential purposes; (4) A statement of any development rights reserved by a declarant and of any conditions relating to or limitations upon the exercise of development rights; (5) A statement of the maximum extent to which the...
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40-22-5
Section 40-22-5 Exemption of certain farm loans from tax. No tax levied upon the recordation of mortgages, deeds of trust, and instruments of like character shall be levied upon or collected from any corporation or association engaged exclusively in making farm or crop loans, with respect to any instrument executed to secure a loan made by it to one of its stockholders or members for general agricultural purposes, the provisions of any other law to the contrary notwithstanding. The exemption provided herein shall apply to all deeds, mortgages, and instruments of like character executed to those corporations and associations created and chartered under the provisions of that act of Congress known as the Federal Farm Loan Act, as amended by the Farm Credit Act of 1933. (Acts 1953, No. 841, p. 1131; Acts 1969, No. 503, p. 960.)...
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35-8A-103
Section 35-8A-103 Definitions. In the declaration and bylaws, unless specifically provided otherwise or the context otherwise requires, and in this chapter, the following terms are defined as set forth below: (1) AFFILIATE OF A DECLARANT. Any person who controls, is controlled by, or is under common control with a declarant. A person "controls" a declarant if the person (i) is a general partner, officer, director, or employer of the declarant, (ii) directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than 20 percent of the voting interest in the declarant, (iii) controls in any manner the election of a majority of the directors of the declarant, or (iv) has contributed more than 20 percent of the capital of the declarant. A person "is controlled by" a declarant if the declarant (i) is a general partner, officer, director, or employer of the person,...
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16-13-232
Section 16-13-232 Determining number of teacher units and instructional support units; grade level divisors. (a) In determining the number of teacher units for the purpose of apportioning the state Foundation Program, one teacher unit or fraction thereof shall be allowed for the specified number of pupils in average daily membership as provided for in subsection (b), during the first 20 scholastic days following Labor Day of the preceding school year in the public schools. In extreme circumstances involving natural occurrences, health-related occurrences, or other extenuating circumstances as determined and approved by the State Superintendent of Education, average daily membership for local boards of education may be calculated using alternative days to the first 20 scholastic days following Labor Day. Such alternative calculation shall be determined by the State Department of Education on a case by case basis. If a request from a local board is made to the State Superintendent, the...
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