§ 34-36.1-3.12 Conveyance or encumbranceof common elements. – (a) Portions of the common elements may be conveyed or subjected to a securityinterest or mortgage by the association if persons entitled to cast at leasteighty percent (80%) of the votes in the association, including eighty percent(80%) of the votes allocated to units not owned by a declarant, or any largerpercentage the declaration specifies, agree to that action; but all the ownersof units to which any limited common element is allocated must agree in orderto convey that limited common element or subject it to a security interest ormortgage. The declaration may specify a smaller percentage only if all of theunits are restricted exclusively to nonresidential uses. Proceeds of the saleare an asset of the association.
(b) An agreement to convey common elements or subject them toa security interest must be evidenced by the execution of an agreement, orratifications thereof, in the same manner as a deed, by the requisite number ofunit owners. The agreement must specify a date after which the agreement willbe void unless recorded before that date. The agreement and all ratificationsthereof must be recorded in every municipality in which a portion of thecondominium is situated, and is effective only upon recordation.
(c) The association, on behalf of the unit owners, maycontract to convey common elements, or subject them to a security interest, butthe contract is not enforceable against the association until approved pursuantto subsections (a) and (b). Thereafter, the association has all powersnecessary and appropriate to effect the conveyance or encumbrance, includingthe power to execute deeds or other instruments.
(d) Any purported conveyance, encumbrance, judicial sale orother voluntary transfer of common elements, unless made pursuant to thissection, is void.
(e) A conveyance or encumbrance of common elements pursuantto this section does not deprive any unit of its rights of access and support.
(f) Unless the declaration otherwise provides, a conveyanceor encumbrance of common elements pursuant to this section does not affect thepriority or validity of preexisting encumbrances.
§ 34-36.1-3.12 Conveyance or encumbranceof common elements. – (a) Portions of the common elements may be conveyed or subjected to a securityinterest or mortgage by the association if persons entitled to cast at leasteighty percent (80%) of the votes in the association, including eighty percent(80%) of the votes allocated to units not owned by a declarant, or any largerpercentage the declaration specifies, agree to that action; but all the ownersof units to which any limited common element is allocated must agree in orderto convey that limited common element or subject it to a security interest ormortgage. The declaration may specify a smaller percentage only if all of theunits are restricted exclusively to nonresidential uses. Proceeds of the saleare an asset of the association.
(b) An agreement to convey common elements or subject them toa security interest must be evidenced by the execution of an agreement, orratifications thereof, in the same manner as a deed, by the requisite number ofunit owners. The agreement must specify a date after which the agreement willbe void unless recorded before that date. The agreement and all ratificationsthereof must be recorded in every municipality in which a portion of thecondominium is situated, and is effective only upon recordation.
(c) The association, on behalf of the unit owners, maycontract to convey common elements, or subject them to a security interest, butthe contract is not enforceable against the association until approved pursuantto subsections (a) and (b). Thereafter, the association has all powersnecessary and appropriate to effect the conveyance or encumbrance, includingthe power to execute deeds or other instruments.
(d) Any purported conveyance, encumbrance, judicial sale orother voluntary transfer of common elements, unless made pursuant to thissection, is void.
(e) A conveyance or encumbrance of common elements pursuantto this section does not deprive any unit of its rights of access and support.
(f) Unless the declaration otherwise provides, a conveyanceor encumbrance of common elements pursuant to this section does not affect thepriority or validity of preexisting encumbrances.
§ 34-36.1-3.12 Conveyance or encumbranceof common elements. – (a) Portions of the common elements may be conveyed or subjected to a securityinterest or mortgage by the association if persons entitled to cast at leasteighty percent (80%) of the votes in the association, including eighty percent(80%) of the votes allocated to units not owned by a declarant, or any largerpercentage the declaration specifies, agree to that action; but all the ownersof units to which any limited common element is allocated must agree in orderto convey that limited common element or subject it to a security interest ormortgage. The declaration may specify a smaller percentage only if all of theunits are restricted exclusively to nonresidential uses. Proceeds of the saleare an asset of the association.
(b) An agreement to convey common elements or subject them toa security interest must be evidenced by the execution of an agreement, orratifications thereof, in the same manner as a deed, by the requisite number ofunit owners. The agreement must specify a date after which the agreement willbe void unless recorded before that date. The agreement and all ratificationsthereof must be recorded in every municipality in which a portion of thecondominium is situated, and is effective only upon recordation.
(c) The association, on behalf of the unit owners, maycontract to convey common elements, or subject them to a security interest, butthe contract is not enforceable against the association until approved pursuantto subsections (a) and (b). Thereafter, the association has all powersnecessary and appropriate to effect the conveyance or encumbrance, includingthe power to execute deeds or other instruments.
(d) Any purported conveyance, encumbrance, judicial sale orother voluntary transfer of common elements, unless made pursuant to thissection, is void.
(e) A conveyance or encumbrance of common elements pursuantto this section does not deprive any unit of its rights of access and support.
(f) Unless the declaration otherwise provides, a conveyanceor encumbrance of common elements pursuant to this section does not affect thepriority or validity of preexisting encumbrances.
