A nonresidential condominium may elect to be exempt from the requirement for creating and maintaining a repair and replacement reserve pursuant to § 2211 of this title if the declaration so provides or otherwise by the vote of a majority of the unit owners. A condominium that contains units restricted exclusively to nonresidential purposes and other units that may be used for residential purposes is not subject to this section (and therefore is not required to maintain a repair and replacement reserve) unless the units that may be used for residential purposes would comprise a condominium in the absence of the nonresidential units or the declaration provides that this section applies. Nothing herein shall prevent the establishment of a condominium for residential purposes and a nonresidential condominium for the same real estate.

77 Del. Laws, c. 92, § ?11; 83 Del. Laws, c. 173, § 1;

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Terms Used In Delaware Code Title 25 Sec. 2246

  • 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
  • majority of the unit owners: means the owners of more than 50 percent in the aggregate in interest of the undivided ownership of the common elements as specified in the declaration. See Delaware Code Title 25 Sec. 2202
  • Nonresidential condominium: means a condominium in which all units are restricted exclusively to nonresidential purposes. See Delaware Code Title 25 Sec. 2202
  • Nonresidential purposes: means use for a purpose other than use for a dwelling and appurtenant recreational purposes, or both. See Delaware Code Title 25 Sec. 2202
  • Repair and replacement reserve: means a reserve fund maintained by the council solely for the repair and replacement of common elements, and for no other purpose (including operating budget shortfalls or other expenditures appropriate to a contingency reserve). 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
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