Ordinance No. 19469 - Laserfiche WebLink

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Condominium. Land, whether leasehold or in fee simple, whether contiguous or noncontiguous, and all buildings, improve- ments, and structures thereon, and all easements, rights and appur- tenances to the property where the ownership of such land is shared in undivided interests except for exclusive and separate ownership or right of residency of each residential unit located on the land. '!Condominium" shall include all property subject to the provisions of state law on condominium conversion and cooperative housing units. Condominium instruments. The declaration of unit ownership required to be recorded under state law, any supplementary declara- tions and plats,,bylaws for the association of unit owners, the notice of ~ntent~on or disclosure statements filed pursuant to state law, the condominium public report or examination issued pur- suant to state law, the building code inspection report and certi- ficate of repairs required under section ~.~o7o~a} of this code, the ~nformat~onal brochure described in section 2.1070~c}2 of this code, the engineer's certificate required under section 2.1o7o~b} of this code, the TaP contract required under section ~.~070~e} of this code, and any other document defined as a condominium instru- ment under administrative rules issued hereunder. "Condominium instrument" as applied to cooperative housing unit projects shall include any document equivalent to those identified above as well as the articles of incorporation, by-laws, executed regulatory agreements, occupancy or subscription agreements, management con- tracts, management plans, and applications for mortgage insurance of the cooperative corporation. Condominium unit. The part of the property consisting of a building or one or more rooms intended for any type of independent residential ownership, the boundaries of which are described in a declaration of unit ownership under state law and which has a direct exit to a public street or highway or to a common area or areas leading to a public street or highway. Conversion. The process whereby more than two rental housing units sharing one or more common elements are converted from owner- ship in whole by a person or group of persons to ownership by several persons whose ownership interests are separate as to resi- dent~al or cammerc~al units located on the real property. "Condo- minium conversion" includes the process prescribed by state law for issuance of a declaration of unit ownership, and the process of converting rental units to cooperative housing units, but does not include the process of converting non-residential commercial or industrial buildings to residential condominiums or cooperative housing units. Coo erative housin . improved real property owned ar leased by a cooperative housing corporation yr by any other car oration p } partnership, trust or assoc~at~on ~n which all or substantially all of the shareholders of the corporation, partners of the partnership, beneficiaries of the trust or members of the association receive a right of exclusive occupancy in a rental unit of the building, which right of occupancy is transferable only concurrently with the transfer by any means of the stock, partnership interests, benefi- ci al interest, or membership held by the person having such right of occupant'. Ordinance - 3