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 […]
Section 47-7C-6 – Bylaws.
A. The bylaws of the association shall provide for: (1) the number of members of the executive board and the titles of the officers of the association; (2) election by the executive board of a president, treasurer, secretary and any other officers of the association the bylaws specify; (3) the qualifications, powers and duties, terms […]
Section 47-7C-7 – Upkeep of condominium.
A. Except to the extent provided by the declaration, Subsection B of this section or Section 46 [47-7C-13 NMSA 1978] of the Condominium Act, 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 unit. Each unit owner shall […]
Section 47-7C-1 – Organization of unit owners’ association.
A unit owners’ association shall be organized no later than the date the first unit in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under Section 30 […]
Section 47-7C-2 – Powers of unit owners’ association.
A. Except as provided in Subsection B of this section, 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 collect assessments for common expenses from unit owners; (3) hire and discharge managing agents […]
Section 47-7C-3 – Executive board members and officers.
A. Except as provided in the declaration, the bylaws or other provisions of the Condominium Act, the executive board may act in all instances on behalf of the association. In the performance of their duties, the officers and members of the executive board are required to exercise, if appointed by the declarant, the care required […]