§ 250.10. Definitions.

The following words and phrases used in this chapter shall have the meanings set forth below:

(1)

Condominium: Real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of the separate ownership portions. Real estate is not a condominium unless the undivided interests in the common elements are vested in the units' owners.

(2)

Conversion condominium: A condominium containing a building which at any time before the recording of the declaration creating a condominium under Minnesota Statutes contained residential rental units.

(3)

Declarant:

(a)

If the condominium has been created, any person who has executed a declaration other than persons holding interests in the real estate solely as security for an obligation, persons whose interests in real estate will not be conveyed to unit owners, or, in the case of a leasehold condominium, a lessor who is not an affiliate of a declarant; or

(b)

If the condominium has not yet been created, any person who offers to dispose of his interest in a unit not previously disposed of.

(4)

Affiliate of a declarant: Any person who controls, is controlled by, or is under common control with a declarant.

(a)

A person "controls" a declarant if the person:

(i)

Is a general partner, officer, director or employee of the declarant; or

(ii)

Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than twenty (20) percent of the voting interests of the declarant; or

(iii)

Controls in any manner the election of a majority of the directors of the declarant; or

(iv)

Has contributed more than twenty (20) percent of the capital of the declarant.

(b)

A person "is controlled by" a declarant if the declarant:

(i)

Is a general partner, officer, director or employee of the person; or

(ii)

Directly or indirectly or acting in concert with one or more other persons, or through one or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing more than twenty (20) percent of the voting interests of the person; or

(iii)

Controls in any manner the election of a majority of the directors of the person; or

(iv)

Has contributed more than twenty (20) percent of the capital of the person.

(5)

Person: A natural person, corporation, partnership, trust or other entity, or any combination thereof.

(6)

Purchaser: Any person, other than a declarant, who by means of a voluntary transfer acquires a legal or equitable interest in a unit, other than:

(i)

A leasehold interest (including renewal options) of less than three (3) years; or

(ii)

As security for an obligation.

(7)

Security for an obligation: The vendor's interest in a contract for deed, mortgagee's interest in a mortgage, purchaser's interest under a sheriff's certificate of sale, or the holder's interest in a lien.

(8)

Unit: A portion of the condominium whether or not contained solely or partially within a building designated for separate ownership. (79-Or-209, § 1, 10-26-79)