33 §1603-115. Assessments for common expenses
§1603-115. Assessments for common expenses (a) Until the association makes a common expense assessment, the declarant shall pay all the common expenses. After any assessment has been made by the association, assessments thereafter must be made at least annually, based on a budget adopted at least annually by the association. [PL 1981, c. 699 […]
33 §1603-115-A. Optional escrow of assessments
§1603-115-A. Optional escrow of assessments (a) The association may require that a person who purchases a unit after October 1, 2009 make payments into an escrow account established by the association until the balance in the escrow account for that unit is equal to 6 months of assessments as established under section 1603‑115. [PL […]
33 §1603-116. Lien for assessments
§1603-116. Lien for assessments (a) The association has a lien on a unit for any 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 […]
33 §1603-117. Other liens affecting the condominium
§1603-117. Other liens affecting the condominium (a) A judgment for money against the association, if a lien order is filed with the Register of Deeds of the county where the condominium is located, as provided in Title 14, section 3132, as it or its equivalent may be amended or modified from time to time, is […]
33 §1603-118. Association records
§1603-118. Association records (a) An association must retain the following: [PL 2011, c. 368, §8 (NEW).] (1) Records of receipts and expenditures affecting the operation and administration of the association and other appropriate accounting records for the past 6 years; [PL 2011, c. 368, §8 (NEW).] (2) Minutes of all meetings of its […]
33 §1603-119. Association as trustee
§1603-119. Association as trustee With respect to a 3rd person dealing with the association in the association’s capacity as a trustee under section 1602‑118 and 1603‑113, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A 3rd person is not bound to inquire whether the association has […]
33 §1603-101. Organization of unit owners’ association
§1603-101. Organization of unit owners’ association A unit owners’ association shall be organized prior to any conveyance, except a conveyance as security for an obligation, of a unit by the declarant. The membership of the association at all times shall consist exclusively of all the unit owners, or, following termination of the condominium, of all […]
33 §1603-102. Powers of unit owners’ association
§1603-102. Powers of unit owners’ association (a) Subject to the provisions of the declaration, the association may: (1) Adopt and amend bylaws and rules and regulations; [PL 1981, c. 699 (NEW).] (2) Adopt and amend budgets for revenues, expenditures and reserves and collect assessments for common expenses from unit owners; [PL 1981, […]
33 §1603-103. Executive board members and officers; declarant control
§1603-103. Executive board members and officers; declarant control (a) Except as provided in the declaration, the bylaws, in subsection (b), or other provisions of this Act, the executive board may act in all instances on behalf of the association. The declarant is a fiduciary for the unit owners with respect to actions taken or omitted […]
33 §1603-104. Transfer of special declarant rights
§1603-104. Transfer of special declarant rights (a) No special declarant rights, section 1601‑103, paragraph (25), created or reserved under this Act may be transferred except by a recorded instrument. The instrument is not effective unless executed by the transferee. [PL 1981, c. 699 (NEW).] (b) Upon transfer of any special declarant right, the liability […]