INDEPENDENT CONDOMINIUM Sample Clauses

The Independent Condominium clause establishes that a specific condominium unit operates independently from other units or associations within a property. This means that the unit owner is solely responsible for the maintenance, expenses, and management of their own unit, without shared obligations or liabilities with neighboring units or common areas. For example, the owner would handle repairs and insurance for their unit without contributing to a collective fund for the building. The core function of this clause is to clearly delineate ownership responsibilities and prevent disputes over shared costs or management, ensuring each unit functions as a standalone property.

INDEPENDENT CONDOMINIUM. That which shall be formed by subjecting each subsidiary property of Condominio Global to the Condominium Property System. The independent condominium bylaw will be subject to the stipulations of the Condominio Global Bylaw, and to the Building Bylaw, and will be subject to the Building Committee of Condominio Global. CONDOMINIUM JOINT OWNERS: These are the individuals or companies, who/which reside in the Condominium or not, which hold property title over the subsidiary properties of the Condominium. In the case in which the subsidiary property is at the same time the parent property of an independent condominium, such condominium will be considered a joint owner of Condominio Global and shall participate in the Meetings and voting of Condominio Global under one single representation which shall have one single opinion and orientation to vote in regard to the matters that are heard in each Meeting. ORDINARY AND EXTRAORDINARY MAINTENANCE FEE: A proportional part of the general expenses that the joint owners are obligated to cancel and which shall be set

INDEPENDENT CONDOMINIUM. At the option of the Condominium Administrator, summons must be made by means of a publication in a national newspaper at least 30 calendar days in advance of the date on which the Meeting will be held, without considering the day of the publication or the date of the meeting when estimating said period. Summon notices must specify the agenda with specific issues for consideration, as no miscellaneous matters will be allowed; the place, date and time set for the first and second summons. Failure to fulfill any of the above-stated requisites will result in the annulment of Meeting held. Once the Meeting has been summoned, those subsidiary properties which are also the parents of independent condominiums must hold their own joint owners Meeting in advance to bring a single position to be taken in regard to the issues submitted for consideration on the agenda in the summon of Condominio Coyol, as well as to appoint a representative to attend the Meeting and vote according to instructions. In that case, the Meeting of each individual subsidiary condominium will hear or resolve its own internal issues, which may not have been previously included or described in the summon notice of Condominio Coyol, though point number one of their own summon and the primary reason for the meeting shall be to appoint the representative and provide voting instructions for the Condominio Coyol’s Meeting. The Condominium’s Meeting will be presided over by the Administrator, except that the duly constituted Meeting should agree otherwise by simple majority vote of the attendee owners.

INDEPENDENT CONDOMINIUM. That which shall be formed by subjecting each subsidiary property of Condominio Coyol to the Condominium Property System. The independent condominium bylaw will be subject to the stipulations of the Condominio Coyol Bylaw and will be subject to the rulings of the Administration imposed by the Administrator of the Condominio Coyol. CONDOMINIUM JOINT OWNERS: These are the individuals or companies, who/which reside in the Condominium or not, which hold property title over the subsidiary properties of the Condominium. In the case in which the subsidiary property is at the same time the parent property of an independent condominium, such condominium will be considered a joint owner of Condominio Coyol and shall participate in the Meetings and voting of Condominio Coyol under one single representation which shall have one single opinion and orientation to vote in regard to the matters that are heard in each Meeting. ORDINARY AND EXTRAORDINARY MAINTENANCE FEE: A proportional part of the general expenses that the joint owners are obligated to cancel and which shall be set according to the square meters of built area in each subsidiary property, that is, the developed private built area within the Condominium’s property coefficient in relation to the Condominium’s total area. There shall be no obligation to pay neither an ordinary nor an extraordinary maintenance fee for undeveloped private areas. EXECUTIVES: Administrators, legal representatives and corporate executives in general who are installed in the Condominium. SUBSIDIARY PROPERTY: Each one of the lots that make up the Condominium, duly identified by a Lot number, and which shall be subject to different stages of development, all of which constitute the private areas of the Condominium. SHARED EXPENSES: Shared expenses will be understood to be those which refer to the Administration and maintenance of the Condominium which the joint owners are obligated to contribute to in a manner which is proportional to the percentage of their private property with regard to the overall value of the Condominium, measured in accordance to the square meters built. Shared expenses are those which are established by Law, such as the collection of solid waste, security, shared area maintenance, road maintenance, as well as those expenses which are specified by the Condominium Meeting by recommendation of Administrator of the Condominium in compliance with its obligations. LAW: The Regulating Law of Condominium Property, Law N...