SB590,41
12Section
41. 703.163 (11) of the statutes is amended to read:
SB590,15,1813
703.163
(11) Recording of statutory reserve account statement. Each
14statutory reserve account statement executed under this section shall bear the name
15of the condominium as it appears on the declaration, shall be prepared in the
16standard format for recorded documents under s. 59.43 (2m)
and (5) (a), shall comply
17with s. 706.05 (2) (a) and (b), and shall be recorded with the register of deeds of the
18county where the condominium instruments are recorded.
SB590,42
19Section
42. 703.165 (3) of the statutes is amended to read:
SB590,16,820
703.165
(3) Assessments constitute lien. All assessments, until paid,
21together with interest on them and actual costs of collection, constitute a lien on the
22units on which they are assessed, if a statement of lien is filed within 2 years after
23the date the assessment becomes due. The lien is effective against a unit at the time
24the assessment became due regardless of when within the 2-year period it is filed.
25A statement of condominium lien is filed
in the land records of with the clerk of circuit
1court of the county where the unit is located, stating the description of the unit, the
2name of the record owner, the amount due and the period for which the assessment
3was due. The clerk of circuit court shall index the statement of condominium lien
4under the name of the record owner in the judgment and lien docket. The statement
5of condominium lien shall be signed and verified by an officer or agent of the
6association as specified in the bylaws and then may be filed. On full payment of the
7assessment for which the lien is claimed, the unit owner shall be entitled to a
8satisfaction of the lien that may be filed with the clerk of circuit court.
SB590,43
9Section
43. 703.19 (5) of the statutes is amended to read:
SB590,16,1810
703.19
(5) Adjustment of percentage interests following taking; effect of
11taking on votes appurtenant to unit. Following the taking of all or a part of any unit,
12the percentage interests appurtenant to the unit shall be adjusted in proportion as
13provided in the condominium instruments or bylaws. The association promptly shall
14prepare and record an amendment
to the declaration reflecting the new percentage
15interests appurtenant to the unit. Subject to sub. (7), following the taking of part of
16a unit, the votes appurtenant to that unit shall be appurtenant to the remainder of
17that unit, and following the taking of all of a unit, the right to vote appurtenant to
18the unit shall terminate.
SB590,44
19Section
44. 703.26 (2) (intro.) of the statutes is amended to read:
SB590,16,2220
703.26
(2) Conditions to which reservation subject. (intro.) A reservation of
21the right to expand a condominium is subject to
all of the
following conditions
22provided in this subsection.:
SB590,45
23Section
45. 703.26 (2) (a) of the statutes is amended to read:
SB590,17,3
1703.26
(2) (a)
A
The declaration establishing
a the condominium
shall
2describe describes each parcel of property
which that may be added to the
3condominium.
SB590,46
4Section
46. 703.26 (2) (b) of the statutes is renumbered 703.26 (2) (b) 1. (intro.)
5and amended to read:
SB590,17,76
703.26
(2) (b) 1. (intro.)
A
The declaration establishing
a the condominium
7shall show the shows all of the following:
SB590,17,9
8a. The maximum number of units
which that may be added
, and the
to the
9condominium.
SB590,17,12
10b. The percentage interests in the common elements, the liabilities for common
11expenses
, and the rights to common surpluses
, and the appurtenant to each unit 12following the addition of property to the condominium.
SB590,17,16
13c. The number of votes appurtenant to each unit following the addition of
14property to the condominium, if added.
The percentage interests in the common
15elements, the liabilities for common expenses and the rights to common surpluses, 16and the number of votes that each unit owner will have
SB590,17,19
172. The information under subd. 1. b. and c. may be shown by reference to a
18formula or other appropriate method of determining them following each expansion
19of the condominium.
SB590,47
20Section
47. 703.26 (2) (c) of the statutes is amended to read:
SB590,17,2421
703.26
(2) (c)
A condominium
The plat for
an the original condominium
shall
22include, in general terms, includes the outlines of the land
, and, in general terms, the
23location of the buildings
, and common elements of new property that may be added
24to the condominium.
SB590,48
25Section 48
. 703.26 (2) (d) of the statutes is amended to read:
SB590,18,3
1703.26
(2) (d)
In a declaration establishing a condominium, a The right to
2expand the condominium
may be is reserved in the declaration for a period not
3exceeding 10 years from the date of recording of the declaration.
SB590,49
4Section
49. 703.26 (3) of the statutes is amended to read:
SB590,18,75
703.26
(3) Recordation of Recording amendments to declaration and plat
6addenda. (a) If the conditions of sub. (2) are
complied with met, property may be
7added to a condominium if the declarant records
an
all of the following:
SB590,18,10
81. An amendment
to the declaration, showing that shows the new percentage
9interests of the unit owners
, and the votes
which that each unit owner may cast in
10the condominium as expanded
, and records an.
SB590,18,13
112. An addendum
to the condominium plat that includes the detail and
12information concerning the new property
as required in the original condominium 13that is required for a plat
under s. 703.11 (2), (3), and (4).
SB590,18,1514
(b) On recording of an amendment
of a declaration and an addendum
to a plat
15under par. (a), each unit owner, by operation of law, has
the all of the following:
SB590,18,18
161. The percentage interests in the common elements, liabilities in the common
17expenses,
and rights to common surpluses,
and shall have the as set forth in the
18amendment.
SB590,18,20
192. The number of votes
, appurtenant to the unit owner's unit, as set forth in the
20amendment
to the declaration.
SB590,18,23
21(c) Following any expansion, the interest of any mortgagee shall attach, by
22operation of law, to the new percentage interests in the common elements
23appurtenant to the unit on which it is a lien.
SB590,50
24Section
50. 703.26 (3) (d) of the statutes is created to read: