196IEffect of building management statement

#### 196I Effect of building management statement 196I Effect of building management statement > > (1) A registered building management statement, as in force for the time being, has effect as an agreement under seal containing the covenants referred to in subsection (2) entered into by— > > > > > (a) each owner for the time being of any part of the building or its site affected by the statement, and > > > > > (b) any mortgagee in possession or lessee or sublessee of any part of the building or its site affected by the statement. > > > (2) The covenants referred to in this section are— > > > > > (a) a covenant by which those persons jointly and severally agree to carry out their obligations under the building management statement as from time to time in force, and > > > > > (b) a covenant by which those persons jointly and severally agree to permit the carrying out of those obligations. > > > (3) The agreement ceases to have effect under this Division in relation to a person who is described in subsection (1) on that person ceasing to be a person so described. > > > (4) Subsection (3) does not prejudice or affect any obligation that was incurred by a person, or any right that accrued to a person, under the agreement while the agreement was in force. > > > (5) A registered building management statement has no effect to any extent to which it is inconsistent with— > > > > > (a) any condition imposed, before the registration of the statement, on a development consent relating to the building to which the statement relates or its site, or > > > > > (b) this or any other Act or any other law. > > > (6) Except as may be provided otherwise by this Act or the regulations, a provision in any instrument under which the agreement is excluded, modified or restricted is void. > > > (7) A covenant entered into under the agreement does not merge in a transfer of a lot. > > > (8) Nothing in this section affects any right or remedy that a person may have under a building management statement apart from a right or remedy under this Division. > > **s 196I:** Ins 2001 No 9, Sch 1 \[1\]. Am 2015 No 51, Sch 9.5 \[9\].