Section 34.08.510. Applicability.

   (a) The provisions of AS 34.08.510  -  34.08.700 apply to all units subject to this chapter, except as provided in (b) of this section or as modified or waived by agreement of purchasers of units in a common interest community in which each unit is restricted to nonresidential use.
   (b) A public offering statement and a resale certificate are not required to be prepared or delivered on
        (1) a gratuitous disposition of a unit;
        (2) a disposition under a court order;
        (3) a disposition by a governmental agency;
        (4) a disposition by foreclosure or deed in lieu of foreclosure;
        (5) a disposition to a dealer;
        (6) a disposition that may be canceled at any time and for any reason by the purchaser without penalty;
        (7) a disposition of a unit in a planned community in which the declaration limits the maximum annual assessment of a unit to not more than $300, as adjusted under AS 34.08.820, if
             (A) the declarant has a reasonable and good faith belief that the maximum stated assessment will be sufficient to pay the expenses of the planned community;
             (B) the declaration cannot be amended to increase the assessment during the period of declarant control without the consent of all unit owners; and
             (C) the planned community is not subject to development rights; or
        (8) a disposition of property by a nonprofit development corporation if that corporation is eligible for assistance from the Neighborhood Reinvestment Corporation organized under 42 U.S.C. 8101 - 42 U.S.C. 8107 (Neighborhood Reinvestment Corporation Act) for neighborhood housing services, neighborhood revitalization, and economic development projects in a community.

Authorities

34.08.080;34.08.510;34.08.590

Notes

References

12 AAC 64.580
AS 34.08.080 Applicability to out-of-state common interest communities.
AS 34.08.510 Applicability.
AS 34.08.590 Resales of units.

History

(Sec. 1 ch 95 SLA 1985; am Sec. 1 ch 104 SLA 1990)