Section 515A.4-106 — Purchaser’s Right To Cancel.
515A.4-106 PURCHASER’S RIGHT TO CANCEL. (a) Unless delivery of a disclosure statement is not required under section 515A.4-101(b), a declarant shall provide at least one of the purchasers of a unit with a copy of a disclosure statement not later than the date of any purchase agreement. Unless a purchaser is given the disclosure statement […]
Section 515A.4-107 — Resales Of Units.
515A.4-107 RESALES OF UNITS. (a) In the event of a resale of a unit by a unit owner other than a declarant, the unit owner shall furnish to a purchaser before execution of any purchase agreement for a unit, or otherwise before conveyance, a copy of the declaration, other than the condominium plat, the bylaws, […]
Section 515A.2-121 — Rights Of Holders Of An Interest As Security For An Obligation.
515A.2-121 RIGHTS OF HOLDERS OF AN INTEREST AS SECURITY FOR AN OBLIGATION. (a) Nothing in sections 515A.1-101 to 515A.4-117 unless expressly stated diminishes the rights of holders of an interest as security for an obligation or prevents the declaration from requiring that all or a specified number or percentage of holders of an interest as […]
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 […]
Section 515A.3-103 — Board Of Directors, Members And Officers.
515A.3-103 BOARD OF DIRECTORS, MEMBERS AND OFFICERS. (a) The declaration may provide for a period of declarant control of the association, during which period a declarant, or persons designated by the declarant, may elect the members of the board of directors. Any period of declarant control extends from the date of the first conveyance of […]
Section 515A.3-104 — Transfer Of Special Declarant Rights.
515A.3-104 TRANSFER OF SPECIAL DECLARANT RIGHTS. (a) No special declarant rights (section 515A.1-103(18)) created or reserved under sections 515A.1-101 to 515A.4-117 may be transferred except by an instrument evidencing the transfer recorded in every county where any portion of the condominium is located. The instrument shall be recordable and is not effective unless executed by […]
Section 515A.3-105 — Termination Of Contracts And Leases Of Declarant.
515A.3-105 TERMINATION OF CONTRACTS AND LEASES OF DECLARANT. If entered into prior to expiration of the period of declarant control pursuant to section 515A.3-103, (1) any management contract, employment contract, or lease of recreational or parking areas or facilities, (2) any other contract or lease binding the association or any unit owner other than the […]
Section 515A.3-106 — Bylaws.
515A.3-106 BYLAWS. The bylaws and any amendments thereto must be recorded to be effective and shall provide: (a) The meeting of the members shall be held at least once each year and shall specify an officer who shall, at least 21 days in advance of any annual or regularly scheduled meeting and at least seven […]
Section 515A.3-107 — Upkeep Of The Condominium.
515A.3-107 UPKEEP OF THE CONDOMINIUM. Except to the extent otherwise provided by the declaration or section 515A.3-112(d), 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 the owner’s unit. Each unit owner shall afford to the association and the […]