Sec. 34.08.510. Applicability.

270 words·~1 min read·/ak/title-34/chapter-8/34-08-510

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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.