Section 515A.3-111 — Tort And Contract Liability.
515A.3-111 TORT AND CONTRACT LIABILITY. (a) If a tort or breach of contract occurred during any period of declarant control (section 515A.3-103), the declarant shall indemnify the association for all liability incurred by the association as a result of that tort or breach of contract, including legal fees. Any statute of limitation affecting the association’s […]
Section 515A.3-112 — Insurance.
515A.3-112 INSURANCE. (a) Commencing not later than the time of the first conveyance of a unit to a unit owner other than a declarant, the association shall maintain, to the extent reasonably available: (1) Property insurance on the common elements and units, exclusive of land, excavations, foundations, and other items normally excluded from property policies, […]
Section 515A.3-101 — Organization Of Unit Owners’ Association.
515A.3-101 ORGANIZATION OF UNIT OWNERS’ ASSOCIATION. A unit owners’ association shall be organized no later than the date the condominium is created. 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 515A.3-102 — Powers Of Unit Owners’ Association.
515A.3-102 POWERS OF UNIT OWNERS’ ASSOCIATION. (a) Unless limited by the provisions of the declaration, the association may: (1) adopt and amend 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 terminate managing agents and other employees, agents, and […]