At the time of the first conveyance of each unit following the recording of the original declaration, every mortgage and other lien of record affecting the entire building or property or a greater portion thereof than the unit being conveyed shall be paid and satisfied of record, or the unit being conveyed shall be released therefrom by partial release duly recorded.

25 Del. C. 1953, § ?2222; 54 Del. Laws, c. 282.;

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Terms Used In Delaware Code Title 25 Sec. 2222

  • Building: means any multi-unit building or buildings or complex thereof, whether in vertical or horizontal arrangement, as well as other improvements comprising a part of the property and used or intended for use for residential, commercial or industrial purposes or for any other lawful purpose or for any combination of such uses. See Delaware Code Title 25 Sec. 2202
  • Declaration: means the instrument by which the owner in fee simple or lessee of the property submits it to the provisions of this chapter as hereinafter provided and all amendments thereof. See Delaware Code Title 25 Sec. 2202
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Property: means and includes the land, the building, all improvements thereon, all owned either in fee simple or under lease, and all easements, rights and appurtenances belonging thereto which have been or are intended to be submitted to the provisions of this chapter. See Delaware Code Title 25 Sec. 2202
  • Recorded: means that an instrument has been duly entered of record in the office of the recorder of deeds of the county in which the property is situate. See Delaware Code Title 25 Sec. 2202
  • Unit: means a part of the property designed or intended for any type of independent use which has a direct exit to a public street or way, or to a common element or common elements leading to a public street or way, or to an easement or right-of-way leading to a public street or way, and includes the proportionate undivided interest in the common elements which is assigned thereto in the declaration or any amounts thereof. See Delaware Code Title 25 Sec. 2202