(1) REQUIREMENTS. A condominium declaration shall contain: (a) The name and address of the condominium and the name shall include the word “condominium” or be followed by the words “a condominium”. (b) A description of the land on which the condominium is, or is to be, located, together with a statement of the owner’s intent to subject the property to the condominium declaration established under this chapter. (c) A description of each unit, including its perimeters, location, and any other data sufficient to identify the unit with reasonable certainty. (d) A general description of the common elements together with a designation of those portions of the common elements that are limited common elements and the unit to which the use of each is restricted. Fixtures designed to serve a single unit, located contiguous to the unit’s boundaries, are deemed limited common elements appertaining to that unit exclusively and need not be shown or designated as limited common elements in the condominium instruments. (e) The percentage interests appurtenant to each unit. (f) The number of votes at meetings of the association of unit owners appurtenant to each unit. (g) Statement of the purposes for which the building and each of the units are intended and restricted as to use. (h) The name and address of the resident agent under s. 703.23. (i) Provision as to the percentage of votes by the unit owners which shall be determinative of whether to rebuild, repair, restore or sell the property in the event of damage or destruction of all or part of the property. (j) Any further details in connection with the property which the person executing the declaration deems desirable to set forth consistent with this chapter, except those provisions which are required to be included in the bylaws. (1c) CONSENT OF PROPERTY OWNERS AND MORTGAGEES; DECLARATION. A condominium declaration shall be signed by the owners of the property and any first mortgagee of the property or the holder of an equivalent security interest in the property in the same manner as required in conveyances of real property. (2) AMENDMENT. Except as provided in sub. (4) and ss. 703.093, 703.13 (6) (c), (cm), and (d), (7) (b) and (bm), and (8) (b), (bm), and (bp), and 703.26, a condominium declaration may be amended with the written consent of at least two-thirds of the aggregate of the votes established under sub. (1) (f) or a greater percentage if provided in the declaration. An amendment becomes effective when it is recorded. The document submitting the amendment for recording shall state that the required consents and approvals for the amendment were received. Except as provided in sub. (2m), a unit owner’s written consent is not effective unless it is approved in writing by the first mortgagee of the unit, or the holder of an equivalent security interest, if any. Approval from the first mortgage lender or equivalent security interest holder, or the person servicing the first mortgage loan or its equivalent on a unit, constitutes approval of the first mortgagee or equivalent security interest holder under this subsection. (2m) CONSENT OF UNIT OWNERS AND MORTGAGEES; AMENDMENTS. (a) In this subsection, “first mortgagee” means the first mortgagee of a unit or the holder of an equivalent security interest, the first mortgage lender on a unit or the equivalent security interest holder, or the person servicing the first mortgage loan or its equivalent on a unit. (b) A unit owner, or the association on behalf of a unit owner, may obtain the approval required under sub. (2) by providing written notice of the amendment to the first mortgagee that includes all of the following: 1. A copy of the amendment. 2. A request for approval or disapproval of the amendment. 3. A form upon which the first mortgagee may indicate its approval or disapproval of the amendment. 4. A statement that, if the first mortgagee fails to complete and return the form described under subd. 3. or otherwise disapprove the amendment in writing within 60 days from the date of mailing of the notice, the first mortgagee is considered to have given its approval of the amendment. (c) The unit owner or association shall deliver the notice under par. (b) by certified mail to the last-known address of the first mortgagee. If no other address is known to the unit owner or association, the unit owner or association may deliver the notice to the address of the first mortgagee as the address appears on the mortgage or equivalent security instrument and to the address to which the unit owner sends any periodic payments on the first mortgage loan or its equivalent. (d) If the first mortgagee fails to complete and return the form described under par. (b) 3. or otherwise disapprove the amendment in writing within 60 days after the unit owner or association mails the notice under par. (c), the first mortgagee is considered to have given its approval of the amendment as required under sub. (2). (3) COMPENSATION FOR REDUCTION IN VALUE; AMENDMENTS. (a) If an amendment to a condominium declaration has the effect of reducing the value of any unit owner’s interest in any common element, including any limited common element, and increases the value of the declarant’s or any other unit owner’s interest in the common element or limited common element, then the declarant or other unit owner shall compensate the unit owner the value of whose interest is reduced in the amount of the reduction in value, either in cash or by other consideration acceptable to the unit owner. (b) A unit owner may waive the right to obtain compensation under par. (a) in writing. (c) Paragraph (a) does not apply to an expanding condominium under s. 703.26. (4) ASSIGNMENT OF DECLARANT’S INTEREST. A declarant may assign his or her rights and obligations as a declarant under this chapter by recording an amendment that includes the assignment and an acceptance of the assignment that is signed by the assignee and acknowledged. A declarant may not assign under this subsection less than all of his or her rights and obligations as a declarant under this chapter.
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