Section 515B.3-115 — Assessments For Common Expenses; Cic Created Before August 1, 2010.
515B.3-115 ASSESSMENTS FOR COMMON EXPENSES; CIC CREATED BEFORE AUGUST 1, 2010. (a) The obligation of a unit owner to pay common expense assessments shall be as follows: (1) If a common expense assessment has not been levied, the declarant shall pay all operating expenses of the common interest community, and shall fund the replacement reserve […]
Section 515B.3-1151 — Assessments For Common Expenses; Cic Created On Or After August 1, 2010.
515B.3-1151 ASSESSMENTS FOR COMMON EXPENSES; CIC CREATED ON OR AFTER AUGUST 1, 2010. (a) The association shall approve an annual budget of common expenses at or prior to the conveyance of the first unit in the common interest community to a purchaser and annually thereafter. The annual budget shall include all customary and necessary operating […]
Section 515B.3-116 — Lien For Assessments.
515B.3-116 LIEN FOR ASSESSMENTS. (a) The association has a lien on a unit for any assessment levied against that unit from the time the assessment becomes due. If an assessment is payable in installments, the full amount of the assessment is a lien from the time the first installment thereof becomes due. Unless the declaration […]
Section 515B.3-117 — Other Liens.
515B.3-117 OTHER LIENS. (a) Except in a cooperative and except as otherwise provided in this chapter or in a security instrument, an individual unit owner may have the unit owner’s unit released from a lien if the unit owner (1) pays the lienholder the portion of the amount which the lien secures that is attributable […]
Section 515B.3-118 — Association Records.
515B.3-118 ASSOCIATION RECORDS. The association shall keep adequate records of its membership, unit owners meetings, board of directors meetings, committee meetings, contracts, leases and other agreements to which the association is a party, and material correspondence and memoranda relating to its operations. The association shall keep financial records sufficiently detailed to enable the association to […]
Section 515B.3-119 — Association As Trustee.
515B.3-119 ASSOCIATION AS TRUSTEE. With respect to a third person dealing with the association in the association’s capacity as a trustee, the existence of trust powers and their proper exercise by the association may be assumed without inquiry. A third person is not bound to inquire whether the association has power to act as trustee […]
Section 515B.3-120 — Declarant Duties; Turnover Of Records.
515B.3-120 DECLARANT DUTIES; TURNOVER OF RECORDS. (a) During any period of declarant control pursuant to section 515B.3-103(c), declarant and any of its representatives who are acting as officers or directors of the association shall: (1) cause the association to be operated and administered in accordance with its articles of incorporation and bylaws, the declaration and […]
Section 515B.3-121 — Accounting Controls.
515B.3-121 ACCOUNTING CONTROLS. (a) Subject to any additional or greater requirements set forth in the declaration or bylaws, a review of the association’s financial statements shall be made at the end of the association’s fiscal year, unless prior to 60 days after the end of that fiscal year, at a meeting or by mailed ballot, […]
Section 515B.4-101 — Applicability; Delivery Of Disclosure Statement.
515B.4-101 APPLICABILITY; DELIVERY OF DISCLOSURE STATEMENT. (a) Sections 515B.4-101 through 515B.4-118 apply to all units subject to this chapter, except as provided in subsection (c) or as modified or waived by written agreement of purchasers of a unit which is restricted to nonresidential use. (b) Subject to subsections (a) and (c), a declarant who offers […]
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 […]