628                               LAWS OF MARYLAND                        [CH. 387

ment of the common areas and facilities, including repair and re-
placement funds as may be established;

(3) Expenses agreed upon as common expenses by the Council of
Co-Owners;

(4) Expenses declared common expenses by the provisions of this
subtitle or by the by-laws.

(q) "Common Profits" means the balance of all income, rents,
profits and revenues from the common areas and facilities remain-
ing after deduction of the common expenses.

(u) All words used herein include the male, female and neuter
genders and include the singular or plural numbers, as the case
may be.

117.  HORIZONTAL PROPERTY REGIMES.

Whenever a developer, owner, or co-owners of any parcel of land
and improvements in this State expressly declare, through the rec-
ordation of a master deed or lease, together with a plat, in the form
and with the requirements specified in this subtitle, their desire
to submit their property to the regime established by this subtitle
there is thereby established a horizontal property regime.

118.  STATUS OF CONDOMINIUM UNITS WITHIN A HORI-
ZONTAL PROPERTY REGIME.

Whenever property is subdivided into a horizontal property
regime, a condominium unit in the building may be individually con-
veyed, leased and encumbered and may be inherited or devised by
will, as if it were solely and entirely independent of the other con-
dominium units in the building of which it forms a part: . The said
separate units shall have the same incidents as real property and
the corresponding individual titles and interests therein shall be
recordable.

119.   JOINT TENANCIES, TENANCIES IN COMMON, TENAN-
CIES BY THE ENTIRETY.

Any condominium unit may be held and owned by more than one
person as joint tenants, as tenants in common, as tenants by the
entirety (in the case of husband and wife), or in any other real
property tenancy relationship recognized under the laws of this
state.

120.  OWNERSHIP OF CONDOMINIUM UNITS, OF COMMON
ELEMENTS.

(a) A condominium unit owner shall have the exclusive fee
simple ownership of his unit and shall have a common right to a
share, with the other co-owners, of an undivided fee simple interest
in the common elements of the property, equivalent to the percentage
representing the value of his unit to the value of the whole property.
Said percentage interest shall not be separated from the unit to
which it appertains.

(b) The individual percentages shall be established at the time the
horizontal property regime is constituted by the recording among