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.
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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.
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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.
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Examples of Common Element Interest in a sentence

  • 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.

  • 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.

  • 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.

  • Hohl will assume many of the duties currently administered by Steve Holmes, the company's Chief Financial Officer and co-founder, who has been filling the position until a suitable leader could be found.

  • 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.

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

  • DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FORTHE TVDC CONDOMINIUMS AND TOWNHOMES ADDITIONS TO THB TOWN OF JACKSON 1.9 Common Element Interest For purposes of determining Assessments, an undivided interest of each Townhome and each Unit in the Common Elements, shown on.

  • The fraction of undivided interest in the Common Elements appurtenant to each Unit (the "Common Element Interest") is listed and allocated to each Unit in ScheduleB.

  • On October 23, 2015 the Union filed its Application for Certification with the Board.

  • Except with respect to the subdivision or conversion of Units as provided in Article III(D), or as otherwise provided in the Act, the Common Element Interest appurtenant to each Unit shall have a permanent character, shall be inseparable from each Unit and shall not be altered or changed except by the recording of an amendment to this Declaration, duly executed by all of the Unit Owners and all of the holders of record of any first Mortgage liens upon the Units.


More Definitions of Common Element Interest

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.
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Common Element Interest means the percentage of undivided interest in the Common Elements appurtenant to each Unit.
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Related to Common Element Interest

  • Class I area means a mandatory visibility protection area designated pursuant to section 169A of the federal Clean Air Act.

  • Current Interest With respect to each Class of Certificates and any Distribution Date, the aggregate amount of interest accrued at the applicable Certificate Interest Rate during the related Accrual Period on the Class Principal Amount or Class Notional Amount, as applicable, of such Class prior to any distributions of principal, allocations of Realized Losses or allocations of Certificate Writedown Amounts prior to such Distribution Date.

  • Class B Interest Each of the Class B-1 and Class B-2 Interests.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Private interest means an interest held by an individual that is:

  • Trust Interest means an account owner's interest in the trust created by a participating trust