Oregon Application to Condominium Association to make Alterations and/or Modifications to Condominium Unit and Indemnification Agreement
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How to fill out Application To Condominium Association To Make Alterations And/or Modifications To Condominium Unit And Indemnification Agreement?
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FAQ
Boards have ultimate responsibility for how a condo fares, regardless of the involvement of a management company. In most cases boards are the ultimate decision makers, referees of minor issues, administrators, educators, and overall leaders of the community.
A Section 98 Agreement, also known as an ?indemnity agreement? or an ?alteration agreement?, is required in all situations where a unit owner proposes to make an addition, alteration or improvement (collectively, the ?Improvement?) to the common elements of a condominium.
Bulk Indemnity Agreement ? What Is Involved? A ?bulk? indemnity agreement is an agreement that covers improvements made by owners of more than one of the units, ideally, the corporation would try to encourage all unit owners to take part in the bulk agreement.
Generally speaking, owners are not permitted to make changes to the common elements; only the condominium corporation may do so. However, section 98 of the Act deals with changes made by owners to the common elements, and how and when those changes may be permitted by the condominium corporation.
Amending by-laws Boards agree to pass, change or repeal by-laws by resolution at a condo board meeting. Boards call a meeting of owners about proposed changes. The notice calling the meeting must include information about the proposed changes. Seek board approval at the meeting through a vote on the by-law by owners.
Preparing, executing and registering a section 98 agreement can be expensive. We have seen agreements that cost at least $500 and some well over $1000 for just an individual unit owner's single improvement to the common elements.
The Oregon Condominium Act governs the creation, conversion, common expenses, apportionment of interest, management, and powers of condominium associations in the state. It also covers voting rights, insurance, association administration, and insurance requirements.