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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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35-8A-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-207
Section 35-8A-207 Allocation of common element interests, votes, and common expense liabilities.
(a) The declaration must allocate to each unit in a condominium a fraction or percentage of
undivided interests in the common elements and in the common expenses of the association specified
in section 35-8A-315(a), and a portion of the votes in the association, to each unit and state
the formulas used to establish allocations of interest. Those allocations may not discriminate
in favor of units owned by the declarant or an affiliate of the declarant. (b) If units may
be added to or withdrawn from the condominium, the declaration must state the formulas to
be used to reallocate the allocated interests among all units included in the condominium
after the addition or withdrawal. (c) The declaration may provide: (i) that different allocations
of votes shall be made to the units on particular matters specified in the declaration; (ii)
for cumulative voting only for the purpose of electing...
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35-8A-313
Section 35-8A-313 Insurance. (a) Commencing not later than the time of the first conveyance
of a unit to a person other than a declarant, the association shall maintain, to the extent
reasonably available: (1) Property insurance on the common elements insuring against all risks
of direct physical loss commonly insured against or, in the case of a conversion building,
against fire and extended coverage perils. The total amount of insurance after application
of any deductibles shall be not less than the greater of 80 percent of the actual cash value
of the insured property at the time the insurance is purchased 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...
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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-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-302
Section 35-8A-302 Powers of unit owners' association. (a) Except as provided in subsection
(b), and subject to the provisions of the declaration, the association may: (1) Adopt and
amend bylaws and rules and regulations; (2) Adopt and amend budgets for revenues, expenditures,
and reserves and impose and collect assessments for common expenses from unit owners; (3)
Hire and discharge managing agents and other employees, agents, and independent contractors;
(4) Institute, defend, or intervene in litigation or administrative proceedings in its own
name on behalf of itself or two or more unit owners on matters affecting the condominium;
(5) Make contracts and incur liabilities; (6) Regulate the use, maintenance, repair, replacement,
and modification of common elements; (7) Cause additional improvements to be made as a part
of the common elements; (8) Acquire, hold, encumber, and convey in its own name any right,
title, or interest to real or personal property, but interests in the common...
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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-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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35-8-9
Section 35-8-9 Duties and responsibilities of association for administration and management
of property. The association provided for by the declaration shall be responsible for the
administration and management of the condominium property in accordance with this chapter,
the declaration, and the bylaws. The association may be incorporated or unincorporated. All
unit owners will be stockholders or members. Unless otherwise provided in the declaration,
the association, acting through its officers or governing board, shall have the powers enumerated
below: (1) The association may maintain, repair, replace, clean, and sanitize the common and
limited common elements. (2) The association may assess and collect funds and may pay for
common expenses and limited common expenses out of such funds as are appropriate. (3) In addition
to the enforcement of the covenants and restrictions concerning use, occupancy, and transfer
of units which are included in the declaration pursuant to section...
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