§514B-111 Judicial power to excuse compliance with requirements of declaration or bylaws. (a) The circuit court of the judicial circuit in which a condominium is located may excuse compliance with any of the following provisions in a declaration or bylaws if it finds that the provision unreasonably interferes with the association's ability to manage the common property, administer the condominium property regime, or carry out any other function set forth in the declaration or bylaws, and that compliance is not necessary to protect the legitimate interests of the members or lenders holding security interests:
(1) A provision limiting the amount of any assessment that can be levied against individually owned property;
(2) A provision requiring that an amendment to the declaration or bylaws be approved by lenders;
(3) A provision requiring approval of at least sixty-seven per cent of the common interest to adopt an amendment pursuant to section 514B-32(a)(11) or section 514B-108(e); provided that the amendment does not:
(A) Prohibit or materially restrict the use or occupancy of, or behavior within, individually owned units;
(B) Change the basis for allocating voting rights or assessments among unit owners; or
(C) Apply to less than all of the unit owners;
(4) A requirement that an amendment to the declaration be signed by unit owners; or
(5) A quorum requirement for meetings of unit owners.
(b) The board, on behalf of the association, shall by certified mail provide all unit owners with notice of the date, time, and place of any court hearing to be held pursuant to this section. [L 2004, c 164, pt of §2; am L 2005, c 93, §7]