Glossary of Terms 
The
management company and/or a Board of Directors are almost always
involved in reading through the association documents.
What
do some of these terms actually mean? Check out some of these
definitions, as well as other terms already included on the Association
Times website, under Glossary of Terms.
Act
in good faith
An
intangible and abstract quality that encompasses an honest
belief of intention to abstain from taking any unconscientious
advantage of another.
Annexable
property
Property
that can be attached, added, joined, or united with the
original property included in the CC&R's.
Binding
agreement
A
contract which is enforceable such as an offer to buy or
sell when person to whom it is made accepts it and communicates
his acceptance.
Class
A Membership
Means
all Owners except Declarant, to which Class A member shall
be entitled to one vote for each Lot owned.
Class
B Membership
Means
the Declarant, to which the Class B member is usually entitled
to the number of votes equal to ___ times the number of Lots
owned.
Covered
property
Shall
mean the property described as an exhibit to the CC&R's
plus the additional property if any that is annexed in.
Cumulative
vote
Voting
in which a member may cast as many votes for a director as
he/she has votes multiplied by the number of open director
seats to be elected.
Eminent
domain
The
power to take private property for public use by the state,
municipalities, and private persons or corporations.
Estoppel
Means
that a party is prevented by his/her own acts from claiming
a right to detriment of other party who was entitled to realy
on such conduct and has acted accordingly.
Executive
Session
Means
a board meeting session that is closed to the membership
with discussion items that are regulated by state statues.
Hold
harmless agreement
A
contractual arrangement whereby one party assumes the liability
inherent in a situation, thereby relieving the other party
of responsibility.
Index
Shall
mean the Consumer Price Index published by the United States
Department of Labor.
Its
successors and assigns
Those
persons who are entitled to property and/or rights or those
to whom property and/or rights are, will, or may be assigned.
Maintenance
Assessment or fee
Charge
for the purpose of keeping an improvement in habitable condition,
that is applied to specific Owners and/or specific property.
Majority
vote
Vote
by more than half of the voters for a candidate or other matter
on the ballot.
Plurality
vote
The
excess of the votes cast for one candidate over those cast
for any other (the person who receives the greatest number
of votes, but not necessarily the majority).
Record
date
A
term used for the purposes of the annual meeting of the members,
a specific date that locks in the membership roster.
Statutory
Agent
Corporate
agent entitled to receive legal documents in litigation and
other legal notices for the corporation.
Association Times' Staff Writer
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