The following words or phrases, as used in this chapter, shall have the meanings ascribed to them in this section, unless the context of this chapter clearly indicates otherwise:

(1) “Building” means any multi-unit building or buildings or complex thereof, whether in vertical or horizontal arrangement, as well as other improvements comprising a part of the property and used or intended for use for residential, commercial or industrial purposes or for any other lawful purpose or for any combination of such uses.

(2) “Code of regulations” means such governing regulations as are adopted pursuant to this chapter for the regulation and management of the property, including such amendments thereof as may be adopted from time to time.

(3) “Common elements” means and includes:

a. The land on which the building is located and portions of the building which are not included in a unit;

b. The foundations, structural parts, supports, main walls, roofs, basements, halls, corridors, lobbies, stairways and entrances and exits of the building;

c. The yards, parking areas and driveways;

d. Portions of the land and building used exclusively for the management, operation or maintenance of the common elements;

e. Installations of all central services and utilities;

f. All apparatus and installations existing for common use;

g. All other elements of the building necessary or convenient to its existence, management, operation, maintenance and safety or normally in common use; and

h. Such facilities as are designated in the declaration as common elements.

(4) “Common expenses” means and includes:

a. Expenses of administration, maintenance, repair and replacement of the common elements;

b. Expenses agreed upon as common by all the unit owners; and

c. Expenses declared common by provisions of this chapter or by the declaration or the code of regulations.

(5) “Council” means a board of natural individuals of the number stated in the code of regulations all of whom shall be either residents of this State or unit owners, as defined in paragraph (21) of this section, but need not be both, and who shall manage the business operation and affairs of the property on behalf of the unit owners and in compliance with and subject to the provisions of this chapter.

(6) “Declaration” means the instrument by which the owner in fee simple or lessee of the property submits it to the provisions of this chapter as hereinafter provided and all amendments thereof.

(7) “Declaration plan” means a survey of the property prepared in accordance with § 2219 of this title.

(8) “Fully funded,” or any variation thereof, with respect to the repair and replacement reserve, means a repair and replacement reserve which:

a. When supplemented by a fixed, budgeted annual addition compliant with § 2244 of this title, contains that balance of funds which will meet fully, without supplementation by borrowed funds or special assessments, the cost of each projected repair and replacement noted in the reserve study no later than the date when each such repair or replacement is projected to be required by the reserve study as defined in paragraph (17) of this section, and

b. With all budgeted contributions and expenditures for repairs and replacements projected out no less than 20 years, will never fall below a positive balance.

(9) “Majority” or “majority of the unit owners” means the owners of more than 50 percent in the aggregate in interest of the undivided ownership of the common elements as specified in the declaration.

(10) “Nonresidential condominium” means a condominium in which all units are restricted exclusively to nonresidential purposes.

(11) “Nonresidential purposes” means use for a purpose other than use for a dwelling and appurtenant recreational purposes, or both.

(12) “Person” means a natural individual, corporation, partnership, association, trustee or other legal entity.

(13) “Property” means and includes the land, the building, all improvements thereon, all owned either in fee simple or under lease, and all easements, rights and appurtenances belonging thereto which have been or are intended to be submitted to the provisions of this chapter.

(14) “Recorded” means that an instrument has been duly entered of record in the office of the recorder of deeds of the county in which the property is situate.

(15) “Recorder” means the recorder of deeds of the county in which the property is situate.

(16) “Repair and replacement reserve” means a reserve fund maintained by the council solely for the repair and replacement of common elements, and for no other purpose (including operating budget shortfalls or other expenditures appropriate to a contingency reserve).

(17) “Reserve study” means an analysis, performed or updated within the last 5 years by 1 or more independent engineering, architectural or construction contractors, or other qualified persons, of the remaining useful life and the estimated cost to replace each separate system and component of the common elements, the purpose of which analysis is to inform the council and the unit owners of the amount which should be maintained from year to year in a fully funded repair and replacement reserve to minimize the need for special assessments.

(18) “Revocation” means an instrument signed by all of the unit owners and by all holders of liens against the units by which the property is removed from the provisions of this chapter.

(19) “Unit” means a part of the property designed or intended for any type of independent use which has a direct exit to a public street or way, or to a common element or common elements leading to a public street or way, or to an easement or right-of-way leading to a public street or way, and includes the proportionate undivided interest in the common elements which is assigned thereto in the declaration or any amounts thereof.

(20) “Unit designation” means the number, letter or combination thereof designating a unit in the declaration plan.

(21) “Unit owner” means the person or persons owning a unit.

25 Del. C. 1953, § ?2202; 54 Del. Laws, c. 282; 56 Del. Laws, c. 195, §§ ?1-3, 6; 76 Del. Laws, c. 422, § ?1; 77 Del. Laws, c. 92, §§ ?2-5;