General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature Page: 510
This legislative document is part of the collection entitled: General and Special Laws of Texas and was provided to The Portal to Texas History by the UNT Libraries Government Documents Department.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
58TH LEGISLATURE--REGULAR SESSION
lending institutions which will include also administrators, guardians,
executors, trustees and other fiduciaries, which are now or may be here-
after authorized to make real estate loans. For the purpose of such in-
vestments, an apartment and the undivided interest in the common ele-
ments appurtenant thereto shall be deemed a single unit as if it were en-
tirely independent of the other units in the project of which it forms a
part. In determining eligibility the existence of any prior lien for taxes,
assessments (including but not limited to those for administration, main-
tenance and repairs) or other similar charges not yet delinquent shall not
be considered in determining whether a mortgage or deed of trust upon
such security is a first lien. This section shall not change any provision
of law, which would otherwise be applicable, specifying limitation on
mortgage investments based upon a special fraction or percentage of the
value of the mortgaged property.
Sec. 11. All of the co-owners or the sole owner of a building con-
stituted into a condominium regime may waive this regime and,request the
County Clerk to regroup or merge the records of the filial estates with the
principal property, provided, that the filial estates are unencumbered, or,
if encumbered, that the creditors in whose behalf the encumbrances are
recorded agree to accept as security the undivided portions of the property
owned by the debtors. The undivided interest in the property owned in
common which shall appertain to each apartment owner shall be the
percentage of undivided interest previously owned by such owner in the
common elements.
Sec. 12. The merger provided for in Section 11 shall in no way bar
the subsequent constitution of the property into another condominium re-
gime whenever so desired and upon observance of the provisions of this
Act.
Sec. 13. The administration of every building or buildings consti-
tuted into a condominium regime shall be governed by the by-laws ap-
proved and adopted by the sole owner or owners or the council of co-
owners. The by-laws may be amended from time to time by the council.
Sec. 14. The administrator, or board of administration, or the person
appointed by the by-laws of the regime shall keep or cause to be kept
a book with a detailed account of the receipts and expenditures affecting
the building and its administration and specifying the maintenance and
repair expenses of the common elements and any other expenses incurred
by or in behalf of the regime. Both the book and vouchers accrediting the
entries made thereon shall be available for examination by all the co-
owners at convenient hours on working days that shall be set and an-
nounced for general knowledge. All books and records shall be kept in
accordance with good accounting procedures and be audited at least once
a year by an auditor outside of the organization.
Sec. 15. All co-owners are bound to contribute pro-rata toward the
expense of administration and of maintenance and repairs of the general
common elements, and, in the proper case, of the limited common elements
of the building, and toward any other expenses lawfully agreed upon by
the council of co-owners. No owner shall be exempt from contributing
toward such expenses by waiver of the use of enjoyment of the common
elements, either general or limited, or by abandonment of the apartment
belonging to him.
Sec. 16. Without limiting the rights of any apartment owner, action
may be brought by the administrator or other person designated by the
by-laws or council of co-owners, in either case in the discretion of the
council of co-owners, on behalf of two (2) or more of the apartment own-
ers, as their respective interests may appear, with respect to anjy cause
of action relating to the common elements of more than one (1) apartment.
510Ch. 191
Upcoming Pages
Here’s what’s next.
Search Inside
This document can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Legislative Document.
Texas. Legislature. General and Special Laws of The State of Texas Passed By The Third Called Session of the Fifty-Seventh Legislature and the Regular Session of the Fifty-Eighth Legislature, legislative document, 1963; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth221759/m1/846/?q=+date%3A1945-1972: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.