Skip to code content (skip section selection)
During the period when the developer retains control of the council of unit owners, the developer of a condominium shall budget and contribute annually to reserves. The contribution of the developer shall be in proportion to the number of condominium units owned by the developer, but in no event shall the total annual contributions of all unit owners, including the developer, be less than an amount calculated to maintain the reserve fund at a level adequate for deferred maintenance, repairs and replacement of those common elements or major components of common elements that must be replaced on a periodic basis.
The county executive shall adopt regulations under method (3) of section 2A-15 of this Code detailing requirements of the budgeted reserves to be incorporated in the consumer guide. (1982 L.M.C., ch. 2, § 1; 1983 L.M.C., ch. 55, § 2; 1984 L.M.C., ch. 24, § 14; 1984 L.M.C., ch. 27, § 13.)
Editor’s note-Section 11A-9 (formerly §1A-5C) held valid in Rockville Grosvenor, Inc. v. Montgomery County, 289 Md. 74, 422 A.2d 353 (1980).