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 | | The ownership interest of a cooperative unit owner is a composite interest, which consists of the owner's ownership interests in the association and his right to occupy a unit pursuant to a proprietary lease. |
 | | In most condominium and planned communities, however, as in so-called "air rights" projects, ownership does not extend "from the center of the earth to the heavens" because units are stacked on top of units or units and common elements are interstratified. |
 | | Specifically, the exemption in (a)(2) applies to "de minimus" planned communities, that is, communities, regardless of size, with very few common elements and "commonness" measured by the fact that the maximum annual common charges, exclusive of optional fees and insurance premiums, were once only $100 a year and are now $300 a year. |
| www.law.upenn.edu /bll/ulc/fnact99/1990s/ucioa94.htm (14388 words) |
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