Ch. 2                                 MARVIN MANDEL, Governor                                    15

Maryland, and the affected political subdivision thereof[.];

(k) "Person" means a natural individual, corporation, trustee, or other legal
entity or any combination thereof;

(1) "Developer" means a person who undertakes to develop a real estate
condominium project;

(m) "Property" means and includes the land, whether leasehold or in fee simple,
the building or buildings, all improvements and structures thereon, and all
easements, rights and appurtenances thereunto belonging[.];

(n) "To record" means to record pursuant to the laws of this State and the
affected political subdivision relating to the recording of deeds and plats[.];

(o)  "Common expenses" means and includes:

(1)   All sums assessed against the unit owners by the council of coowners
pursuant to § 11-116 of this title;

(2)   Expenses of administration, maintenance, repair or replacement of the
common areas and facilities, including repair and replacement funds as may be
established;

(3)  Expenses agreed upon as common expenses by the council of coowners;

(4)   Expenses declared common expenses by the provisions of this (subtitle)
TITLE or by the bylaws.

(p) "Common profits" means the balance of all income, rents, profits and
revenue from the common areas and facilities remaining after deduction of the
common expenses.

11-102.

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

11-105.

(c) The individual percentages established in accordance with subsection (b) of
this section shall be fixed for the purposes of this [subtitle] TITLE and shall not
fix the market value of the individual condominium units and undivided share
interests and shall not prevent each coowner from fixing a different circumstantial
value to his condominium unit and undivided share interest in the common
elements, in all types of acts and contracts.

11-106.

(b) If the property shall be more than two thirds (2/3rds) destroyed by fire or
other disaster and the coowners of three fourths (3/4ths) of the condominium
project shall decide, in conformity with the bylaws to waive and terminate the
horizontal property regime, in conformity with the provisions of this [subtitle]
TITLE thereupon the restraint against partition and division of the coownership
shall no longer apply. Upon any partition all liens on the unit of each coowner
shall first be paid out of the share of the proceeds applicable to such [coowners]