The following words and terms when used in this Article III shall have the following meanings unless the context clearly indicates otherwise.
CONDOMINIUM. Real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate ownership portions. Real estate is not a CONDOMINIUM unless the undivided interests in the common elements are vested in the
owners.
CONVERSION CONDOMINIUM. A
containing a building which at any time before the recording of the declaration creating a
under Minnesota Statutes contained residential rental
.
DECLARANT.
(A) If the
has been created, any
who has executed a declaration other than
holding interests in the real estate solely as
,
whose interests in real estate will not be conveyed to
owners, or, in the case of a leasehold
, a lessor who is not an
; or
(B) If the
has not yet been created, any
who offers to dispose of his or her interest in a
not previously disposed of.
AFFILIATE OF A DECLARANT. Any who controls, is
, or is under common control with a
. A controls a
if the :
(A) Is a general partner, officer, director or employee of the
;
(B) Directly or indirectly, or acting in concert with one or more other
, or through one or more subsidiaries, owns, controls, holds with power to vote or holds proxies representing more than 20% of the voting interests of the
;
(C) Controls in any manner the election of a majority of the directors of the
; or
(D) Has contributed more than 20% of the capital of the
.
CONTROLLED BY. A is CONTROLLED BY a
if the
:
(A) Is a general partner, officer, director or employee of the
;
(B) Directly or indirectly, or acting in concert with one or more other
, or through one or more subsidiaries, owns, controls, holds with power to vote or holds proxies representing more than 20% of the voting interests of the
;
(C) Controls in any manner the election of a majority of the directors of the
; or
(D) Has contributed more than 20% of the capital of the
.
PERSON. A natural person, corporation, partnership, trust or other entity or any combination thereof.
SECURITY FOR AN OBLIGATION. The vendor’s interest in a contract for deed, mortgagee’s interest in a mortgage, purchaser’s interest under a sheriff’s certificate of sale, or the holder’s interest in a lien.
UNIT. A portion of the
whether or not contained solely or partially within a building designated for separate ownership.
(Ord. 80-14, passed 3-31-1980)