2006 Minnesota Statutes

515B.2-122 MERGER OR CONSOLIDATION OF COMMON INTEREST
COMMUNITIES.
(a) Any two or more common interest communities of the same form of ownership, by
agreement of the unit owners as provided in subsection (b), may be merged or consolidated
into a single common interest community. The resultant common interest community shall be
the legal successor, for all purposes, of all of the preexisting common interest communities, and
the operations and activities of the preexisting common interest communities are merged or
consolidated into a single common interest community that holds all powers, rights, obligations,
assets, and liabilities of the preexisting common interest communities.
(b) An agreement of two or more common interest communities to merge or consolidate
pursuant to subsection (a) shall be evidenced by an agreement executed by the president of
the association of each of the preexisting common interest communities following approval by
owners of units to which are allocated the votes in each common interest community required to
terminate that common interest community.
(c) Every merger or consolidation agreement shall contain:
(1) the names of the resultant common interest community and its association;
(2) the number of the resultant common interest community, which shall be a new common
interest community number assigned to the resultant common interest community by the
recording officer;
(3) a requirement that the associations of the common interest communities shall be merged
pursuant to the applicable statute;
(4) a reallocation of the allocated interests in the preexisting common interest communities
among the units of the resultant common interest community by stating the reallocations and the
formulas upon which they are based;
(5) a statement that the common interest communities have approved and will, within 90
days after the execution of the merger agreement, record a declaration as provided in subsection
(d) or commence an appropriate proceeding to accomplish the recording if necessary.
(d) A declaration, including a new or amended CIC plat if necessary, complying with this
chapter and governing the resultant common interest community shall be recorded in every
county in which a portion of each preexisting common interest community is located, and the
merger or consolidation is not effective until the declaration is recorded. In addition to other
matters required by this chapter, the declaration shall contain:
(1) a reference to the names and numbers of the preexisting common interest communities,
and the names of their associations;
(2) a statement that the preexisting common interest communities and their associations have
been merged or consolidated pursuant to this chapter and the applicable corporate statute; and
(3) a statement that the declaration supersedes the declarations of the preexisting common
interest communities and governs the resultant common interest community.
(e) Upon approval as provided in subsection (b), the association for the resultant common
interest community may execute the declaration, and a new or amended CIC plat if necessary,
on behalf of the unit owners of, and all other persons holding an interest in, the units or other
property that is a part of the preexisting common interest communities, and to do all other acts
necessary to merge or consolidate the common interest communities.
(f) The declaration and CIC plat for the resultant common interest community may be
recorded without the necessity of paying the current or delinquent real estate taxes on any of
the units.
History: 1993 c 222 art 2 s 22; 1999 c 11 art 2 s 14