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3618, ch. 576, Sec. 1, eff. Jan. 1, 1984. Sec. 81. 104. APARTMENT POSSESSION. (a) A proprietor of an apartment in a condo regimen owns it exclusively, and also the owner may possess, convey, or overload the home, or subject it to judicial acts, independently of the other apartments in the condominium regimen.(b) A private title or interest in an apartment in a condominium regime is recordable.(c) The whole rate of interest in the condominium program will be split among the homes.(d) An individual may possess a home in a condo regimen jointly or alike with others.(e) A condo association might not change or damage a home or a limited usual aspect without the consent of all proprietors affected as well as the first lien mortgagees of all influenced owners.

1, eff. An owner of an apartment in a condominium regime shares ownership of the program's typical aspects with the other home proprietors. An apartment proprietor may utilize the usual components according to their designated functions, as revealed in the plat, statement, or bylaws of the condominium program, without interfering with the rights of the other house owners.

3620, ch. 576, Sec. 1, eff. Jan. 1, 1984. Sec. 81. 108. PARTITION OF COMMON ELEMENTS. (a) The ownership of the basic and also the minimal typical components of a condo regimen might not be judicially segmented or divided while they appropriate for a condo routine.(b) An individual might not initiate an activity for dividers of the restricted or general usual aspects of a condo routine unless the home loans on the residential property are paid or the approval of the mortgagees is acquired.(c) A contract contrary to this section is gap.

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1, eff. A house in a condo routine as well as the concentrated interest of a house owner in the typical aspects of the regimen that are attributable to the home may not be conveyed separately. If a conveyance of an apartment or condo does not refer to the common components, the concentrated rate of interest of the house owner in the general as well as the limited common elements of the routine attributable to the home is shared with the apartment or condo.

3622, ch. 576, Sec. 1, eff. Jan. 1, 1984. Sec. 81. 110. DISCONTINUATION OF CONDO ROUTINE. (a) original site By consentaneous contract, or if the declaration offers for termination by contract of the owners, by arrangement of the holders of at the very least 67 percent or a mentioned percentage in the affirmation, whichever is better, of the ownership passions in the condo, the owners of a building in a condo regimen may terminate the regime as well as request the region staff of see this website the county in which the regimen is located to merge the records of the estates that make up the condominium regimen, if any type of creditors in whose part encumbrances against the structure are tape-recorded concur to accept the undistracted sections of the property had by the debtors as safety and security, offered no amendment might be made to a declaration to minimize the ballot required for discontinuation of the condo routine - modern apartments greenwood.(b) If a condominium routine is ended, each apartment proprietor owns an undistracted rate of interest in the typical residential property that represents the concentrated passion previously basics owned by the home owner in the usual elements.(c) Residential or commercial property that has been eliminated from a condo regimen might be dedicated to another condominium program at any type of time.


1, eff. MODIFICATION OF CONDO DECLARATION. After a condo affirmation is taped with a county clerk, the affirmation may not be changed except at a conference of the apartment or condo proprietors at which the change is approved by the holders of at least 67 percent of the possession interests in the condo.

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For the functions of this chapter, the home owners that have at the very least 51 percent of the interests in a condo routine, as identified under the statement, are a majority of the home owners. (a) By resolution of a majority of the council of owners or in the fashion offered or called for by the affirmation or bylaws, the council of owners may get the insurance coverage it deems proper for the security of the buildings and also the home owners.(b) Insurance policy may be written in the name of the council of proprietors, or in the name of a person marked in the declaration or bylaws, as trustee for the apartment proprietors as well as their mortgagees.

Unless the council of proprietors all agrees or else, the insurance continues shall be paid to the private house proprietors or their mortgagees, as their interest may show up, in proportion to the rate of interest of a home owner in the condominium regimen as established by the affirmation. (a) The manager or board of management of a condominium regime or a person appointed by the bylaws of the routine will maintain an in-depth written account of the receipts and expenditures connected to the structure as well as its administration that defines the costs incurred by the regimen.(b) The accounts and supporting coupons of a condo program shall be made offered to the home proprietors for assessment on working days at convenient, well-known, and publicly introduced hrs.

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