Common Element Interest definition

Common Element Interest means the number assigned to each unit by Exhibit C to the Declaration which establishes each unit's undivided interest in the common elements, common expenses and common profits and votes in the Unit Owners Association.

Common Element Interest means the undivided percentage interests of each Unit Owner, as set forth on Exhibit "B" to the Declaration as such exhibit may be amended from time to time, which establishes each Unit's undivided percentage interest in the Common Elements, General Common Expenses and votes in the Unit Owners Association.

Common Element Interest means the individual ownership interest in the Common Elements and the liability for Common Expenses allocated to each Unit by Exhibit “B” to the Declaration and defined as “Percentage Interest” therein.

Examples of Common Element Interest in a sentence

• Common Element Interest Required: A lot of record may be subdivided into lots of less than the minimum lot size for the zone if each resultant lot retains an undivided interest in common elements of the lot of record.

• The Common Element Interest of a Unit shall be inseparable from each Unit, and any conveyance, lease, devise or other disposition and any mortgage or other encumbrance of any Unit shall include the Common Element Interest, whether or not expressly referred to in the instrument making such transfer.

• Any amount accumulated in excess of the amount required for actual expenses and reserves shall, at the discretion of the Board of Directors, be placed in reserve accounts, be placed in a special account to be expended solely for the general welfare of the unit owners, or be credited according to each unit owner's Common Element Interest to the next monthly installments due from unit owners under the current fiscal year's budget, until exhausted.

• Every agreement made by the Officers, the Board of Directors or the managing agent on behalf of the Unit Owners Association shall, if obtainable, provide that the Officers, the directors or the managing agent, as the case may be, are acting only as agents for the Association and shall have no personal liability thereunder (except as unit owners), and that each unit owner's liability thereunder shall be limited to the total liability thereunder multiplied by such unit owner's Common Element Interest.

• Voting at all meetings of the Unit Owners Association shall be on a percentage basis and the percentage of the vote to which each unit owner is entitled shall be the Common Element Interest assigned to such unit owner's unit in the Declaration.

• The listed square footage for each unit is based upon dimensions which are approximate and the calculation of Common Element Interest has been rounded.

• All sums collected by the Board of Directors with respect to assessments against the unit owners or from any other source may be commingled into a single fund or held for each unit owner in accordance with such unit owner's Common Element Interest.

• If the Declarant exercises its right to add more units to the Condominium by adding all or any portion of the additional land, each Common Element Interest set forth above will decrease.

• Generally, the Common Expense Liability allocated to a Unit is a percentage equal to the Common Element Interest appurtenant to such Unit.

• The percentage of each Unit’s Common Element Interest and Common Expense Liability is allocated by a formula represented by a fraction wherein the numerator is 1 and the denominator is the total number of Units which have been created in the Condominium subject to rounding in order to permit ease of administration, provided however that the percentage stated in Exhibit D (as it may be amended) shall prevail in any event.

More Definitions of Common Element Interest

Common Element Interest. Means each Unit’s equal but undivided interest in the Common Elements, Common Expenses and Common Profits and votes in the Unit Owners Association.