Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
A common area is a location or amenity that shareholders or owners of units in a common interest development share (CID). Common spaces in CIDs for housing might include things like a yard, a basketball court, a pool, a laundry facility, or a postal room. A high-rise office building lobby or a mall business parking lot are common places for companies. Each shareholder or member must contribute the CID for the common spaces to be maintained, typically in the form of recurring fees. Common areas are controlled by the association or board of directors of the CID.
If the term common space is used in connection with a commercial lease, apartment building or condo associations, or planned communities, it has a special significance for real estate reasons.
A common area maintenance charge is levied against business owners in a commercial lease to cover expenses such as upkeep and snow removal for parking lots. In an apartment complex, the common spaces could relate to hallways, doorways, elevators, and parking lots. The lease specifies how the shared spaces may be used. The common spaces of condos and homeowners' associations are jointly owned by the homeowners, who are responsible for their care and maintenance through a common area assessment.
Some condominiums regard balconies, which are utilized by a single tenant, to be communal amenities. This gives the condo association the power to impose rules on balcony usage. It could prohibit things like painting the railings and utilizing BBQ grills. However, ownership makes any necessary balcony repairs the condo association responsibility. Exclusive use common spaces are what these are termed.
No owner or resident may request a division or partition of common spaces or facilities. Such a covenant shall not be enforceable. Additionally, in terms of shared spaces, co-owners cannot interfere with or infringe upon the rights of others.
