Common interest community document - 2015

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unit, any portion thereof serving only that unit is a limited common element . allocated solely to that unit, and any portion thereof serving more than one unit or any portion of the common elements is a part of the common elements." Section 51 SB.2-102(fl of the Act Provides as follows: "Improvements such as shutters, awnings, window boxes, doorsteps, stoops, patios, perimeter doors and window, constructed as part of the original construction to serve a single unit, and authorized replacements and modifications thereof, if located outside the unit's boundaries, are limited common elements allocated exclusively to that unit." 11. Occupant. Any person(s)other than a unit owner in possession of or residing in a Residential Unit. 12. Parking Area Expenses.All costs and expenses paid or incurred for the administration, operation, management, maintenance, alteration, improvement,repair and replacement of the parking area which is part of the Condominium as determined and assessed from rime to time by the Board of Directors of the Association. 13. Person.A natural individual, corporation,partnership, trustee or other legal entity capable of holding title to real property. 14. Security Interest. "Security interesY'means a perfected interest in real estate or personal property, created by a contract or a conveyance, which secures payment or performance of an obligation. The term includes a mortgagee's interest in a mortgage, a vendor's interest in a contract for deed, a lessor's interest in a lease intended as security, a holder's interest in a sheriffs certificate of sale during the period of redemption, an assignee's interest in an assignment of leases or rents intended as security, a lender's interest in a cooperative share loan, a pledgee's interest in the pledge of an ownership interest, or any interest intended as security for an obligation under a written agreement. 15. Unit. "UniY'means a physical portion of a common interest community the boundaries of which are described in the common interest community's declaration and which is intended for separate ownership or separate occupancy pursuant Section 6 of Article II hereof. The term, without a modifier, shall be deemed to mean a Residential Unit. 16. Unit Identifier. "Unit identifier"means English letters or Arabic numerals, or a combination thereof, which identify only one unit in a common interest community and which meet the requirements of Section S15B.2-104." ARTICLE II Submission of Condominium to Act; Act Requirements