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If a unit proprietor and the association have duplicate insurance coverage protection, the insurance coverage that is primary, until in any other case offered in the declaration or bylaws. If approval of a proposed motion otherwise would require a meeting at which a specified percentage of unit homeowners should authorize the action, the proposal shall be deemed to be accredited when the percentage of total votes cast in favor of the proposal equals or exceeds the required proportion. The proposal shall be deemed to be rejected when the number of votes solid in opposition renders approval unimaginable or when both the date for return of ballots has handed and the required proportion has not been met. The number of persons who are entitled to forged 20 p.c of the votes within the association of unit owners. If the bylaws don’t specify a share of unit house owners that will request the calling of a special meeting, a special assembly should be called if 30 p.c or extra of the unit owners make the request in writing. Notice of the particular assembly must be given as specified in this part.
A declarant shall furnish copies to the affiliation of the information required by Subsection on the date the first unit is sold. Foreclosure of a tax lien attaching towards a unit under Chapter 32, Tax Code, doesn’t discharge the association’s lien for assessments underneath this part or under a declaration for amounts changing into because of the association after the date of foreclosure of the tax lien. The association might bid for and buy the unit at foreclosure sale as a typical expense. The association could personal, lease, encumber, trade, promote, or convey a unit. This part does not stop a declarant from amassing from a purchaser at closing the prorated amount of any bills, similar to insurance or taxes, that the declarant has prepaid to the affiliation or directly to others on behalf of the unit that is being purchased.
The books and records of the association shall reflect the amount the declarant owes for all reserve account assessments. From the date of conveyance of the first unit in the condominium, the declarant shall pay assessments due for reserves on all unsold models. Unless otherwise offered in the declaration, every unit of a condominium is entitled to one vote. The affiliation just isn’t required to comply with paragraph of this subsection if the affiliation has commenced litigation by submitting a criticism in opposition to the proprietor and the litigation is pending when the statement would otherwise be due. Subject to any limitations imposed by the declaration or bylaws, association funds maintained in accounts established underneath this subsection may be used to purchase obligations issued by the United States authorities. Be in a form and style reasonably calculated to tell the unit proprietor of the significance of the discover.
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Shall name the affiliation of unit homeowners as an categorical beneficiary with regard to general common elements. If the association owns the payment title to the true property underlying a leasehold condominium, the association could amend the declaration underneath paragraph of this subsection to require the fee title interest to undergo the necessities of this chapter. The declaration and plat could also be amended to alter a common common factor to a limited common factor or change the boundary of a restricted frequent element with the approval of no less than seventy five percent of homeowners and approval of the homeowners of all models to which the restricted widespread component appertains. An project of use of all limited frequent components of the kind assigned in the declaration, a supplemental declaration or an amendment to the declaration.
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An audit required by this subsection shall be carried out by a licensed public accountant if required by the bylaws or a vote of the board of directors or a majority vote of the members of the association voting at a gathering of the affiliation. Subject to Subsection , the declaration may present for a period of declarant management of the affiliation throughout which a declarant, or individuals designated by the declarant, might appoint and take away the officers and members of the board. Regardless of the interval offered by the declaration, a period of declarant management terminates not later than the one hundred and twentieth day after conveyance of seventy five % of the units which could be created to unit owners other than a declarant.
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Notice of cancellation, if given by mail, shall be given by licensed mail, return receipt requested, and is efficient on the date that such notice is deposited with the United States Postal Service, properly addressed and postage prepaid. A copy of the title report or abstract, because it pertains to the property being offered. The disclosure statement is probably not used for advertising functions except it’s used in its entirety. No portion of the disclosure statement could additionally be underscored, highlighted, italicized or printed in larger or heavier kind than the balance of the assertion except the true copy of the assertion so emphasizes such portion.