10-08-1980 Council Agenda - Laserfiche WebLink

Home Browse Search

ORDINANCE NO. 168 AN ORDINANCE AMENDING THE LITTLE CANADA CODE BY ADDING A NEW CHAPTER 2701. CONDOMINIUM CONVERSION THE COUNCIL OF THE CITY OF LITTLE CANADA DOES HEREBY ORDAIN AS FOLLOWS: Section 1. That the Municipal Code of Little Canada is hereby amended by adding a new Chapter 2701. Condominium Conversion to read as follows: "2701. CONDOMINIUM CONVERSION 2701.010. DEFINITIONS. The following words and phrases used in this Ordinance shall have the meanings set forth below: 1. "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 units owners. 2. "Conversion condominium" - A condominium containing a building which at any time before the recording of the declaration creating a condominium contained residential rental units. 3. "Declarant" (a) If the condominium has been created, any person who has executed a declaration other than persons holding interests in the real estate solely as security for an obligation, persons whose interests in real estate will not be conveyed to unit owners, or, in the case of a leasehold condominium, a lessor who is not an affiliate of a declarant; or (b) If the condominium has not yet been created, any person who offers to dispose of his interest in a unit not previously disposed of. 4. "Affiliate of a Declarant" - Any person who controls, is controlled by, or is under common control with a declarant. A person "Controls" a, declarant if the person (i) is a general partner, officer, director, or employee of the declarant or (ii) directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing, more than 20 percent of the voting interests of the declarant, or (iii) controls in any manner the election of a majority of the directors of the declarant, or (iv) has contributed more than 20 percent of the capital of the declarant. A person "is controlled by ",a declarant if the declarant (i) is a general partner, officer, director, or employee of the person or (ii) directly or indirectly or acting in concert with one or _ �_:.. 5