Section 515B.3-107 — Upkeep Of Common Interest Community.
515B.3-107 UPKEEP OF COMMON INTEREST COMMUNITY. (a) Except to the extent provided by the declaration, this subsection or section 515B.3-113, the association is responsible for the maintenance, repair and replacement of the common elements, and each unit owner is responsible for the maintenance, repair and replacement of the unit owner’s unit. Damage to the common […]
Section 515B.3-108 — Meetings.
515B.3-108 MEETINGS. (a) A meeting of the association shall be held at least once each year. At each annual meeting, there shall be, at a minimum, (i) an election of successor directors for those directors whose terms have expired, (ii) a report on the activities and financial condition of the association, and (iii) consideration of […]
Section 515B.3-109 — Quorums.
515B.3-109 QUORUMS. (a) Unless the bylaws provide otherwise, a quorum is present throughout any meeting of the association if unit owners entitled to cast in excess of 20 percent of the votes in the association are present in person or by proxy at the beginning of the meeting. If a master developer or declarant or […]
Section 515B.3-110 — Voting; Proxies.
515B.3-110 VOTING; PROXIES. (a) At any meeting of the association an owner or the holder of the owner’s proxy shall be entitled to cast the vote which is allocated to the unit. If there is more than one owner of a unit, only one of the owners may cast the vote. If the owners of […]
Section 515B.3-111 — Tort And Contract Liability.
515B.3-111 TORT AND CONTRACT LIABILITY. (a) Neither the association nor any unit owner except the declarant is liable for that declarant’s torts in connection with any part of the common interest community. An action alleging a tort or contract violation by the association shall not be brought against a unit owner solely by reason of […]
Section 515B.3-112 — Conveyance Of, Or Creation Of Security Interests In, Common Elements.
515B.3-112 CONVEYANCE OF, OR CREATION OF SECURITY INTERESTS IN, COMMON ELEMENTS. (a) In a condominium or planned community, unless the declaration provides otherwise, portions of the common elements may be conveyed or subjected to a security interest by the association if persons entitled to cast at least 67 percent of the votes in the association, […]
Section 515B.3-113 — Insurance.
515B.3-113 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) subject to subsection (b), property insurance (i) on the common elements and, in a planned community, also on property that must […]
Section 515B.3-114 — Reserves; Surplus Funds.
515B.3-114 RESERVES; SURPLUS FUNDS. (a) The annual budgets of the association shall provide from year to year, on a cumulative basis, for adequate reserve funds to cover the replacement of those parts of the common interest community which the association is obligated to replace. These reserve requirements shall not apply to a common interest community […]
Section 515B.3-1141 — Replacement Reserves.
515B.3-1141 REPLACEMENT RESERVES. (a) The association shall include in its annual budgets replacement reserves projected by the board to be adequate, together with past and future contributions to replacement reserves, to fund the replacement of those components of the common interest community which the association is obligated to replace by reason of ordinary wear and […]
Section 515B.3-104 — Transfer Of Special Declarant Rights; Special Declarant Rights Transferred Before August 1, 2010.
515B.3-104 TRANSFER OF SPECIAL DECLARANT RIGHTS; SPECIAL DECLARANT RIGHTS TRANSFERRED BEFORE AUGUST 1, 2010. (a) A special declarant right created or reserved under this chapter may be voluntarily transferred only by a separate instrument evidencing the transfer recorded in every county in which any part of the common interest community is located. The separate instrument […]