HARRY HUGHES, Governor                                     2789

licenses, and similar interests affecting the GENERAL common
elements of the condominium if the grant is approved by the
affirmative vote of unit owners having 66 2/3 percent or more of
the votes, and with the express written consent of the mortgagees
holding an interest in those units as to which unit owners vote

affirmatively. Any easement, right of way, license, or similar

interest granted by the council of unit owners under this
subsection shall state that the grant was approved by unit owners
having at least 66 2/3 percent of the votes, and by the
corresponding mortgagees.

11-126.

(a)  A contract for the initial sale of a unit to a member
of the public is not enforceable by the vendor unless:

(1)  The purchaser is given on or before the time a
contract is entered into between the vendor and the purchaser, a
public offering statement as amended AND REGISTERED WITH THE
SECRETARY OF STATE containing all of the information set forth in
subsection (b); and

(2)  The contract of sale contains, in conspicuous
type, a notice of the purchaser's right to receive a public
offering statement and his recision rights under this section.

(b)  The public offering statement required by subsection
(a) shall be sufficient for the purposes of this section if it
contains at least the following:

(1)  A copy of the proposed contract of sale for the
unit;

(2)  A copy of the proposed declaration, bylaws, and
rules and regulations;

(3)  A copy of the proposed articles of incorporation
of the council of unit owners, if it is to be incorporated;

(4)  A copy of any proposed management contract,
employment contract, or other contract affecting the use of,
maintenance of, or access to all or part of the condominium to
which it is anticipated the unit owners or the council of unit
owners will be a party; following [closing;] CREATION OF THE

CONDOMINIUM;

(5)  A copy of the actual annual operating budget for
the condominium or, if no actual operating budget exists, a copy
of the projected annual operating budget for the condominium
including reasonable details concerning:

(i) The estimated monthly payments by the
purchaser for assessments,

(ii) Monthly charges for the use, rental, or
lease of any facilities not part of the condominium, and