Section 47-7C-14 – Surplus funds.
Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of reserves shall be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments. History: Laws 1982, ch. […]
Section 47-7C-15 – Assessments for common expenses.
A. Until the association makes a common expense assessment, the declarant shall pay all common expenses. After any assessment has been made by the association, assessments shall 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 of this […]
Section 47-7C-16 – Lien for assessments.
A. The association has a lien on a unit for any assesssment [assessment] levied against that unit or fines imposed against its unit owner from the time the assessment or fine becomes due. The association’s lien may be foreclosed in like manner as a mortgage on real estate. Unless the declaration otherwise provides, fees, charges, […]
Section 47-7C-17 – Other liens affecting the condominium.
A. Except as provided in Subsection B of this section, a judgment for money against the association is not a lien on the common elements but is a lien in favor of the judgment lienholder against all of the units in the condominium at the time the transcript of judgment was recorded. No other property […]
Section 47-7C-18 – Association records.
The association shall keep financial records sufficiently detailed to enable the association to comply with Section 61 [47-7D-9 NMSA 1978] of the Condominium Act. All financial and other records shall be made reasonably available for examination by any unit owner and his authorized agents. History: Laws 1982, ch. 27, § 51. ANNOTATIONS Compiler’s notes. — […]
Section 47-7C-19 – Association as trustee.
With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee or is properly exercising […]
Section 47-7C-12 – Conveyance or encumbrance of common elements.
A. Portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least eighty percent of the votes in the association, including eighty percent of the votes allocated to units not owned by a declarant, or any larger percentage the declaration specifies, agree […]
Section 47-7C-13 – 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 […]
Section 47-7C-4 – Transfer of special declarant rights.
A. No special declarant right created or reserved under the Condominium Act shall be transferred except by an instrument evidencing the transfer recorded in each county in which any portion of the condominium is located. The instrument is not effective unless executed by the transferee. B. Upon tranfer [transfer] of any special declarant right, the […]
Section 47-7C-5 – Termination of contracts and leases of declarant.
If entered into before the executive board elected by the unit owners pursuant to Section 36 [47-7C-3 NMSA 1978] of the Condominium Act takes office, any management contract, employment contract or lease of recreational or parking areas or facilities, any other contract or lease between the association and a declarant or an affiliate of a […]