- Alaska Statutes.
- Title 34. Property
- Chapter 35. Liens
- Section 119. Waiver of Liens On Unsold Common Interest Community Units.
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. Claimant Liability. [Repealed, Sec. 18 Ch 102 SLA 1986].
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AS 34.35.119. Waiver of Liens On Unsold Common Interest Community Units.
- (a) A lien created under AS 34.35.050
- 34.35.120 arising out of original construction
that becomes subject to AS 34.07 or AS 34.08 before the first sale of a unit within a common interest
community after commencement of construction shall be subject to the provisions of this section.
- (b) Subject to (c) of this section, a claimant who claims a lien against an entire common interest community shall release
that portion of the lien claim that relates to a particular unit within a common interest community selected by the
owner of the unsold common interest community units after the claimant receives a partial payment of the lien claim
that is equal to 115 percent of the amount determined
- (1) if the common interest community has been established under AS 34.07 by
- (A) dividing the surface area of the common areas and facilities attendant to the common interest community unit by the
surface area of all common areas and facilities of the common interest community building; and
- (B) multiplying the result obtained in (A) of this paragraph by the total amount of the claimant's lien claim;
- (2) by the allocated interest in the common expenses if the common interest community has been established under AS 34.08.
- (c) A lien claimant is not required to waive a portion of the lien claim under this section unless the amount of
indebtedness secured by a prior encumbrance against the common interest community building held by a construction
lender is also reduced by an amount calculated in the same manner as provided in (b) of this section.
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