Commercial condominium project definition
Commercial condominium project means a condominium project that has no
Commercial condominium project means a condominium project that has no residential units within the project.
Commercial condominium project means a condominium project that has no 2614 residential units within the project. 2615 (5) "Common areas and facilities" unless otherwise provided in the declaration or lawful 2616 amendments to the declaration means: 2617 (a) the land included within the condominium project, whether leasehold or in fee 2618 simple; 2619 (b) the foundations, columns, girders, beams, supports, main walls, roofs, halls, 2620 corridors, lobbies, stairs, stairways, fire escapes, entrances, and exits of the building; 2621 (c) the basements, yards, gardens, parking areas, and storage spaces; 2622 (d) the premises for lodging of janitors or persons in charge of the property; 2623 (e) installations of central services such as power, light, gas, hot and cold water, heating, 2624 refrigeration, air conditioning, and incinerating; 2625 (f) the elevators, tanks, pumps, motors, fans, compressors, ducts, and in general all 2626 apparatus and installations existing for common use; 2627 (g) such community and commercial facilities as may be provided for in the declaration; 2628 and 2629 (h) all other parts of the property necessary or convenient to its existence, maintenance, 2630 and safety, or normally in common use. 2631 (6) "Common expenses" means: 2632 (a) all sums lawfully assessed against the unit owners; 2633 (b) expenses of administration, maintenance, repair, or replacement of the common areas 2634 and facilities; 2635 (c) expenses agreed upon as common expenses by the association of unit owners; and 2636 (d) expenses declared common expenses by this chapter, or by the declaration or the 2637 bylaws. 2638 (7) "Common profits," unless otherwise provided in the declaration or lawful amendments 2639 to the declaration, means the balance of all income, rents, profits, and revenues from the 2640 common areas and facilities remaining after the deduction of the common expenses. 2641 (8) "Condominium" means the ownership of a single unit in a multiunit project together 2642 with an undivided interest in common in the common areas and facilities of the property. 2643 (9) "Condominium plat" means a plat or plats of survey of land and units prepared in 2644 accordance with Section 57-8-13. 2645 (10) "Condominium project" means a real estate condominium project; a plan or project 2646 whereby two or more units, whether contained in existing or proposed apartments,