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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-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-211
Section 35-8A-211 Alterations of units. Subject to the provisions of the declaration and other
provisions of law, a unit owner: (1) May make any improvements or alterations to his or her
unit that do not impair the structural integrity, or mechanical systems, or lessen the support
of any portion of the condominium; (2) May not substantially or adversely change the appearance
of the common elements, or the exterior appearance of a unit or any other portion of the condominium,
without permission of the association; (3) After acquiring an adjoining unit, or an adjoining
part of an adjoining unit, may remove or alter any intervening partition or create apertures
therein, even if the partition in whole or in part is a common element, if those acts do not
impair the structural integrity or mechanical systems or lessen the support of any portion
of the condominium. Removal of partitions or creation of apertures under this subdivision
is not an alteration of boundaries. (Acts 1990, No. 90-551,...
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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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24-8-7
Section 24-8-7 Exemptions. (a) Except for subdivision (3) of Section 24-8-4, Sections 24-8-4
and 24-8-6 do not apply to rooms or units in dwellings containing living quarters occupied
or intended to be occupied by no more than four families living independently of each other,
if the owner actually maintains and occupies one of the living quarters as his or her residence.
(b) Sections 24-8-4 and 24-8-6 do not apply to any single-family house sold or rented by an
owner when: (1) The private individual owner does not own more than three single-family houses
at any one time; and (2) In the sale of any single-family house by a private individual owner
not residing in the house at the time of the sale or who was not the most recent resident
of the house before the sale, the exemption granted by this subsection shall apply only with
respect to one sale within a 24-month period; and (3) A bona fide private individual owner
does not own an interest in, nor is there owned or reserved on the...
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8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
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35-8-12
Section 35-8-12 Liability, actions, and service of process. (a) Neither the association nor
any unit owner shall be liable for the individual acts or omissions of any other unit owner.
(b) All actions seeking liability of unit owners arising by virtue of their condominium ownership
and who are not liable by reason of any act or omission on their own part shall be directed
against the association and defended by the association. Where plaintiff's demand exceeds
unit owner insurance established by the association, such unit owner must be given notice
by the association and shall have the right at his own expense to individual representation
by counsel. (c) A unit owner, not liable by reason of any act or omission on his own part,
shall have no liability for any settlement, judgment, or cost of defense incurred by the association
with relation to limited common elements in which he has no interest. (d) A unit owner shall
be liable for no more than a pro rata share of any settlement,...
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35-8A-307
Section 35-8A-307 Upkeep of condominiums. (a) Except to the extent provided by the declaration,
subsection (b), or Section 35-8A-313(h), the association is responsible for maintenance, repair,
and replacement of the common elements, and each unit owner is responsible for maintenance,
repair, and replacement of his or her unit. Each unit owner shall afford to the association
and the other unit owners, and to their agents or employees, access through his or her unit
reasonably necessary for those purposes. If damage is inflicted on the common elements, or
on any unit through which access is taken, the unit owner responsible for the damage, or the
association if it is responsible, is liable for the prompt repair thereof. (b) In addition
to the liability that a declarant as a unit owner has under this chapter, the declarant alone
is liable for all expenses in connection with real estate subject to development rights. No
other unit owner and no other portion of the condominium is subject to...
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35-8-2
Section 35-8-2 Definitions. For the purposes of this chapter, the following terms shall have
the meanings respectively ascribed to them by this section: (1) ASSOCIATION. The entity responsible
for the administration and management of the condominium property. (2) COMMON ELEMENTS. A
part or parts of 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...
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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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