in condominium and some cooperative housing projects, the areas not owned by an
individual owner of the condominium or cooperative residence, but shared by all
owners, either by percentage inter- est or owned by the management organization.
Common areas may include recreation facilities, outdoor space, parking, landscaping,
fences, laundry rooms and all other jointly used space. Management is by a homeowners'
association or cooperative board, which collects assessments from the owners and
pays for upkeep, some insurance, maintenance and reserves for replacement of improvements
in the common area. This can also refer to the area in a shopping center or mall
outside of the individual stores, for which each business pays a share of maintenance
based on percentage of total store space occupied.
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