Misplaced Pages

#607392

123-411: As of 2021, the track has a capacity of 75,000. Alongside the main track, Texas Motor Speedway features an infield road course with four layouts alongside two adjacent tracks, including a 0.200 mi (0.322 km) paved short track and a 0.400 mi (0.644 km) dirt track. TMS features numerous amenities, including the world's largest HD video screen, a Speedway Club overlooking the first turn, and

246-561: A strata , and in Quebec , where they are referred to as syndicates of co-ownership . The townhouse complex of Brentwood Village in Edmonton , Alberta , was the first condominium development in Canada (registered in 1967). With regular condominiums, the unit owner usually owns the internal unit space and a share of the corporation; the corporation owns the exterior of the building land and common area; in

369-488: A (single family) house. However, shares are not considered as real estate but as personal property and the co-op can take possession of the apartment for a term time and evict the tenant or owner because of disturbance or unpaid maintenance fees. Finnish housing cooperatives are incorporated as (non-profit) limited-liability companies ( Finnish : asunto- osakeyhtiö , Swedish : bostadsaktiebolag ), where one share usually represents one square meter (sometimes ten) of

492-547: A 10-story building dedicated for office space and condominiums . Following the decline of the Texas World Speedway that began in the 1980s, the state of Texas found itself without a major racetrack and races for more than a decade. In the early 1990s, the newly incorporated and rising Speedway Motorsports and its founder, Bruton Smith , sought to build a major racetrack west of the Mississippi River , deciding on

615-478: A brand-new Legends car could be purchased in the USA for $ 17,500 USD ). The race car bodyshells are 5/8-scale replicas of American automobiles from the 1930s and 1940s, powered by Yamaha XJ1250, FJ1200 (both air-cooled) or, starting in 2018, FZ-09 (water-cooled) engines. The worldwide sanctioning body for legends car racing is INEX. Legends cars are a " spec " series, meaning all cars are mechanically identical, with

738-554: A building to be classified as "Flats" is four, with a requirement for having at least one elevator or lift for buildings upwards of four floors. Almost all have a separate room called the "Drawing Room", used for guest entertainment purposes. However, its use as a TV room and dining room is common. Another unique feature is the balcony or "terrace", which is standard for all flats. In the Philippines, condominiums are classified into three types: low-rise, mid-rise, and high-rise. Condos have

861-523: A car existed, in the guise of the motorcycle-engined dwarf car, a 5/8-scale, steel-bodied and fenderless 1935 Ford coupé, which was being manufactured by the Dwarf Car Company in Phoenix, Arizona. As the coupé concept was not exactly in line in what they were looking for, and deeming steel replacement bodywork too costly, they adapted the dwarf car concept to fit their needs, creating cars resembling those of

984-542: A complex of residences, such as an apartment building, and a condominium is purely legal. There is no way to differentiate a condominium from any other residential building simply by looking at it or visiting it. What defines a condominium is the form of ownership. A building developed as a condominium (and sold in individual units to different owners ) could actually be built at another location as (for example) an apartment building (the developers would retain ownership and rent individual units to different tenants ). Where

1107-489: A condominium is a collection of individual units and common areas along with the land upon which they sit. Individual home ownership within a condominium is construed as ownership of only the air space confining the boundaries of the home. The boundaries of that space are specified by a legal document known in the United States as a Declaration, filed on record with the local governing authority. These boundaries may extend to

1230-401: A condominium is in essence an apartment building, as a practical matter, builders tend to build condominiums to higher quality standards than apartment complexes because of the differences between the rental and sale markets. They are typically slightly larger than apartments and are often constructed in a townhouse style in regions where single-family detached homes are common. Technically,

1353-530: A crash on the track's pit road when Niclas Jönsson lost control of his car while trying to exit pit road, crashing into the parked car of Tyce Carlson while Carlson's crew was working with his car. The next year, during a NASCAR Craftsman Truck Series race, the track oversaw its first fatality when driver Tony Roper crashed on the track's frontstretch, suffering a fatal basilar skull fracture that caused renewed controversy within NASCAR over driver safety. In 2001,

SECTION 10

#1732855715608

1476-548: A dual-banking system, with a high bank of 24 degrees and a low bank of eight degrees in the turns. Disputes over the track's length exist; the IndyCar Series have at times utilized two lengths: one at 1.455 mi (2.342 km) and one at 1.44 mi (2.32 km). However, these measurements have been disputed as an "error" by former longtime track general manager Eddie Gossage . In 1999, track developers announced plans to build an infield road course that would utilize both

1599-405: A feature of the class, calendars have fluctuated wildly as category management has clashed with event promoters. Another very similar category Future Racers also emerged during the 2000s technically very similar although the bodywork was more sportscar in nature. In recent years, the international Legends category has re-emerged as a grassroots tarmac racing category on road courses, sanctioned by

1722-470: A few censuses metropolitan areas according to Statistics Canada . Condominiums exist in most parts of Canada, though they are more common in larger cities. They are regulated under provincial or territorial legislation, and specific legal details vary from jurisdiction to jurisdiction. In most parts of Canada, they are referred to as condominiums, except in British Columbia , where they are referred to as

1845-410: A founding document, which may variously be called a "Master Deed", "Enabling Declaration", "Declaration of Conditions", "Conditions, Covenants, and Restrictions (CC&Rs)", "Deed of Mutual Covenant" or simply a "Condominium Document". Among other things, this document can provide for the creation of a governing body or corporation, for example, a Homeowner's Association in the United States. Rules for

1968-765: A freehold owned by a corporation, itself owned by individual leaseholders. This provides an opportunity for them to participate in the proper management of the block. Again, the quality of management is very variable. The statute creating commonholds was motivated by a desire to eliminate some of the problems and perceived injustices, such as the commercial exploitation of lessees by freeholders as their leases began to have too little time left to satisfy lenders. Since most leasehold developments are undertaken by commercial entities, commonholds did not become widespread. There are, however, other statutes in place that give some degree of protection for leaseholders. It is, nevertheless, essential to consider proper legal advice whenever engaged in

2091-415: A lower bank of 8 degrees to accommodate open-wheel cars. In addition, for open-wheel races, a temporary wall was planned to be implemented each time an open-wheel series raced in order to reduce speeds. The plan met skepticism from open-wheel personalities such as Cary Agajanian and Jimmy Vasser over the feasibility of such a system. By June 1996, Agajanian reported that the speedway had ditched plans to make

2214-513: A lower tax liability in an office condominium than in an office rented from a taxable, for-profit company. However, the frequent turnover of commercial land uses in particular can make the inflexibility of condominium arrangements problematic. In Australia, condominiums are known as " strata title schemes " or "community title schemes". The 2011 National Household Survey (NHS) showed that one in eight Canadian households lived in condominium dwellings, colloquially known as "condos", mostly located in

2337-571: A major racetrack west of the Mississippi River with the rise of popularity in stock car racing. Smith employed the help of then Vice President of Public Relations at the Charlotte Motor Speedway , Eddie Gossage , to find a suitable location for the track. Three primary markets were decided on by Bruton: Las Vegas , the Dallas–Fort Worth metroplex , and St. Louis . In Las Vegas, the duo found out that local businessman Ralph Engelstad

2460-421: A new bump, along with water leakage issues. Further criticism was placed against the speedway and Gossage after a t-shirt was printed that stated "Shut Up and Race"; Gossage claims that NASCAR came up with the idea. Gossage announced a complete repave of the track, this time completely removing the dual-banking system. In 1999, during the final practice session of the 1999 Mall.com 500 , 11 people were injured in

2583-625: A new date at the Circuit of the Americas , with the track instead running the NASCAR All-Star Race as an attempt by SMI CEO Marcus Smith to increase declining attendance. After two spring races that were met with relative scorn, the spring date was removed for 2023, with the All-Star Race moving to North Wilkesboro, the track TMS removed back in 1997. The spring date returned in 2024 as a result of

SECTION 20

#1732855715608

2706-417: A non-profit corporation, in which the tenants own shares; each share carries the right and duty to lease an apartment from the cooperative. Shares can be bought and sold, but often the cooperative's rules strictly limit the price for which they may change hands. (In contrast, condominiums are traded on a free market). Because the official share prices are often lower than the market value and sellers often retain

2829-510: A poor racing product, leading calls from drivers to completely renovate the track. In August, Ramage was removed as general manager after only one year, having been promoted to becoming SMI's vice president of government relations and deputy counsel. SMI replaced Ramage with Mark Faber, who previously worked in Las Vegas as the T-Mobile Arena 's senior vice president of global partnerships. Under

2952-500: A press conference on May 13, 2021, with his retirement effective after the 2021 NASCAR All-Star Race that was set to take place on June 13. After Gossage's retirement, TMS leaders announced that they would reduce capacity down to 75,000 and renovate the suites at the track. On August 4, 2021, Marcus Smith announced that Rob Ramage, a Texas Motor Speedway executive and counselor, had been promoted to replace Gossage as general manager. In an interview with D Magazine , Ramage pledged that

3075-461: A segment for the show. In 2010, Gossage directed the "No Limits" campaign, which was self-described as a "hot cars and hot chicks" that intended to target a younger and edgy audience. By mid-2016, numerous complaints against the track's surface taking too long to dry were made. By November, during a rain delay at the 2016 AAA Texas 500 which took seven hours to restart, complaints rose again. Despite this, Gossage stated that he had no plans to repave

3198-635: A special type of ownership title called a CCT - condominium certificate of title. Condominiums usually have amenities, like swimming pools, owned parking, a clubhouse, and a building for administration. Initially, the concept of a condominium was introduced by the Federal Law "On the Fundamentals of the Federal Housing Policy" No. 4218-1 dated December 24, 1992: "Condominium is an association of owners of residential premises in apartment buildings with

3321-596: A starting point for a cross-country route. In even-numbered years, the track is used as a showcase location. In 2020, during the COVID-19 pandemic , the facility held 23 high school graduation ceremonies for schools within Denton County, Texas . In September 2022, the track became a shelter for victims of Hurricane Ida . As of November 2018, the fastest official race lap records at Texas Motor Speedway are listed as: Condominium A condominium (or condo for short)

3444-626: A temporary wall, instead deciding to paint a line where the change in banking was. On August 3, the track officially opened to the public for the first time, holding a charity "open-house" event. Eventual NASCAR races were announced in July 1996, and IndyCar races were announced the next month on August 7, with the IndyCar race to be run at night; an IndyCar first. In August 1996, a quarter-mile dirt track based in Alvin, Texas , sued Smith's speedway over naming rights for

3567-578: A true ladder system for the NASCAR Corona Series . The series is open for drivers 12 years and older, and is marketed as being the step before the NASCAR Mexico T4 Series . In 2012, a legends national championship started in the Republic of Georgia at the rebuilt Rustavi International Motorpark , 10 km from the country's capital of Tbilisi . The 2012 season consisted of eight races for

3690-496: Is Pasi Matintupa, who won the trophy three times, in 2005–2007. In 2007 Rory Penttinen won the legends car world finals at Infineon Raceway in the pro class. There is also an ice racing series for legends cars in Finland. Earlier legends have been raced in rallycross and rally sprinting. Legends Cars Baltic racing run a FIA Northern European Zone championship consisting of racers from Finland, Sweden, Russia and Baltics. In 2016,

3813-601: Is a speedway category racing on dirt and clay ovals running on midget and sprint car meets, but also briefly became a tarmac category, racing as a support category with the Australian NASCAR series, mainly racing on the Calder Park Thunderdome superspeedway (something that the Legends Cars do not race, as they typically are on smaller ovals and road courses). Phil Ward, a former touring car racer, recognized

Texas Motor Speedway - Misplaced Pages Continue

3936-463: Is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners. These individual units are surrounded by common areas that are jointly owned and managed by the owners of the units. The term can be applied to the building or complex itself, and is sometimes applied to individual units. The term "condominium"

4059-409: Is assigned to specific apartments ( Finnish : hallinnanjakosopimus , Swedish : avtal om delning av besittningen ) is usually used only with detached or semi-detached houses. A housing cooperative is a common form of home ownership in Finland. Owning shares that correspond to one apartment in a housing company is generally considered as much owning your own home as actually directly owning

4182-769: Is for the experienced drivers. The Masters Division features drivers 40 years and older. The Semi-Pro Division is for drivers with less than two years of experience in a legends, featuring the drivers that are new to the INEX legends car or have been inactive in other forms of racing for a while. There is also the Young Lions Division, which is designated for drivers between the ages of 12 and 16. There are separate nationals for dirt and asphalt cars. Legends car drivers who have raced in NASCAR include Brennan Poole , Chris Buescher , Ryan Blaney , Reed Sorenson , David Ragan , Joey Logano , Kyle Busch , and Kurt Busch . Running since

4305-707: Is made out of black gumbo soil , and held its first races in March 2000. The first track to hold major series such as NASCAR and United States Auto Club (USAC)-sanctioned races in the state of Texas was the Texas International Speedway (later named Texas World Speedway), which opened in 1969, holding its first NASCAR race in December. The track was built like the Michigan International Speedway , but with higher banking for faster speeds. However, in

4428-421: Is measured at 1.500 mi (2.414 km), with 20 degrees of banking in the speedway's first two turns, 24 degrees of banking in the speedway's last two turns, five degrees of banking on the track's frontstretch and backstretch, and a racing surface width of 80 feet. From 1998 to 2017, the turns were all banked at 24 degrees and the racing surface width was 58 feet. When the track was initially constructed, it had

4551-475: Is mostly used in the US and Canada, but similar arrangements are used in many other countries under different names. Residential condominiums are frequently constructed as apartment buildings, referred as well as Horizontal Property. There are also rowhouse style condominiums, in which the units open directly to the outside and are not stacked. Alternatively, detached condominiums look like single-family homes , but

4674-411: Is owned jointly by the apartment owners, who execute their joint ownership through an owner's association . The expenses of maintaining the joint property are shared pro rata among the owners. Another 5% of Danish homes are in housing cooperatives (Danish andelsbolig ), which occupy a legal position intermediate between condominiums and housing associations . The entire property is legally owned by

4797-489: Is the "time share", although not all time shares are condominiums, and not all time shares involve actual ownership of (i.e., deeded title to) real property. Condominiums may be found in both civil law and common law legal systems as it is purely a creation of statute . Among other things, the HOA assesses unit owners for the costs of maintaining the common areas, etc. That is, the HOA decides how much each owner should pay and has

4920-542: The American Le Mans Series expanded their schedule to include TMS to run the Grand Prix of Texas , deciding to run a "roval" version of the track that utilized parts of the newly-constructed infield road course and the oval. The series ran the event again in 2001. In 2015, TMS held the seventh round of the 2015 Red Bull Air Race World Championship through the weekend of September 26–27. The track once again hosted

5043-568: The Australian Auto Sport Alliance rather than the FIA -affiliated Motorsport Australia . On January 22, 2010, it was announced that US Legend Cars International would host a million dollar purse race at Charlotte Motor Speedway, from July 15–17, 2010. Three hundred one legends cars were on hand for the inaugural "Legends Million" event. The event was televised live on Speed Channel with Daniel Hemric of Kannapolis, North Carolina, taking

Texas Motor Speedway - Misplaced Pages Continue

5166-424: The Charlotte Motor Speedway . Under Gossage's tenure, TMS sparked numerous campaigns to promote the track, including training monkeys to sell souvenir programs , starting a victory lane tradition of each victor firing blank six-shooters in post-race celebrations, hiring an all-female pit crew to service a car, and allowing British motoring television show Top Gear and one of its hosts, Richard Hammond , to film

5289-456: The Dallas–Fort Worth metroplex in 1994 with eventual longtime track general manager Eddie Gossage . Construction began in 1995 and was completed in 1996, with TMS holding its first races in 1997. Upon the track's christening, TMS became one of the biggest sports facilities in the United States. In recent years, TMS has come under criticism for a poor racing product, particularly for its NASCAR races. Texas Motor Speedway (TMS) in its current form

5412-499: The HVAC system and elevators. In other property regimes, such as those in Hong Kong and Finland , the entire buildings are owned in common with exclusive rights to occupy units assigned to the individual owners. The common areas, amenities, and utilities are managed collectively by the owners through their association, such as a homeowner association or its equivalent. Scholars have traced

5535-623: The homeowner association represents an entity with rights and duties that may include contracts. The right of ownership is divided in the first article of the WoEigG into homeownership, individual freehold ownership, part ownership, and commonhold ownership. In Greece, condominiums became very popular in the 1960s. It is a building one sees everywhere in Greece, since most of its population lives in big cities. They are known as πολυκατοικίες ( polykatoikíes ), literally "multi-residences". In Hong Kong

5658-406: The 100-lap feature. The cars have very tight specifications to ensure cars are quite similar with each other. All cars utilise the same parts, engine and tyres. The only adjustable areas on the cars are: camber angle , caster angle , ride height, tyre pressure, spring rates, wheelbase, and gearing. All of these adjustments are also strictly regulated in the INEX rule book. The overall similarity in

5781-591: The 1930s and 1940s which competed in the early NASCAR modified tour races. To this day, the primary difference between the two cars is the legends have fenders over the tires, whereas the dwarfs have no fenders. The first legends car was unveiled in April 1992 by track president and general manager Humpy Wheeler and road racer Elliott Forbes-Robinson . Legends cars are produced by US Legend Cars International (formerly 600 Racing, Inc.) in Harrisburg, North Carolina. They are

5904-507: The 1980s, although this was due to, according to track president R. C. Connole, USAC splitting with Championship Auto Racing Teams in 1979, leading to major turmoil within USAC. Although the track was swapped around numerous owners, the track never held a major series again, leaving Texas without a track that held a major series for over a decade. With the rising success of Speedway Motorsports , owned by businessman Bruton Smith , intended to build

6027-478: The IndyCar Series did not return to TMS due to an NBC conflict with the 2024 Summer Olympics . In 2000, a CART race was planned for 2001 but was canceled after it was found that drivers could suffer extreme vertical g-loads that could have led to death. The speedway later sued CART for breach of contract and settled for approximately $ 5–7 million, and races scheduled for 2002 and 2003 were canceled. In 2000,

6150-475: The Legends Trophy series have existed since 2000. The first cars came to Finland from defunct Swedish series. Since then, over 60 cars have been imported to Finland. Legends is currently the most popular racing class in Finland with over 40 cars in the grid regularly. In 2010 Seinäjoen Vauhtiajot street racing event saw the record breaking 54 legends cars in the entry list. The most successful racer in Finland

6273-491: The Lone Star Tower overlooks the second turn and is used for condominiums and office space. The Lone Star Tower broke ground in 1996 and completed in early 1998, with the building costing Texas Motor Speedway around $ 25 million in taxes. The first four floors are dedicated for office space, with the rest of the floors being dedicated for condos. Initially, 58 condos were planned to be sold; the number later increased to 76. By

SECTION 50

#1732855715608

6396-566: The apartment. Membership in a condo is obtained by buying the shares on the open market, most often through a real estate agent. No board approval is needed to buy shares, but in some cases other stockholders or the housing cooperative itself has the right to claim the stocks being sold. There is usually no requirement for the owner(s) to live in the condo. Owning apartments for rent is a common form of saving and private investment in Finland. In Germany, condominiums are known as Eigentumswohnungen ( lit.   ' ownership dwellings ' ) and

6519-426: The association may be in the master deed, or could be a separate set of bylaws governing the internal affairs of the condominium. Matters addressed in the condominium bylaws may include the responsibilities of the owners' association, voting procedures to be used at association meetings , the qualifications, powers, and duties of the board of directors, and the powers and duties of the officers. The Bylaws may also cover

6642-408: The business entities that own the individual spaces. Unlike apartments, which are leased by their tenants , in most systems condominium units are owned outright, and the owners of the individual units also collectively own the common areas of the property, such as the exterior of the building, roof, corridors/hallways, walkways, and laundry rooms, as well as common utilities and amenities, such as

6765-497: The capacity quickly grew in the initial planning stages; when Bruton requested that 5,000 seats be added, Gossage obliged. According to Gossage, "the next day he’d put in a change order for 5,000 more seats. And then a few days or a week later, he’d say, ‘Do you think you could sell 80 (thousand)?’ I’d say, ‘Oh, piece of cake.' And then one day I looked and we were at 155,000 seats and I told Bruton we’ve got to stop doing this." Groundbreaking on TMS took place on April 11, 1995. Gossage

6888-409: The case of a freehold condominium the owner owns the land and building and the corporation owns common shared roadways and amenities. The Canadian Condominium Institute is a non-profit association of condominium owners and corporations with chapters in each province and territory. The Condo Owners Association COA Ontario is a non-profit association representing condominium owners with divisions across

7011-418: The championship of Georgia and one international race where 18 drivers from Georgia, Russia, Belarus and Germany took part. For the 2015 season, seven races are scheduled from April until November. For a number of years legends raced on Australian oval tracks, surviving as a minor category, as the popularity of oval track racing "down under" is not what it is in the United States. Legends cars have been popular

7134-408: The coming years, the track faced a slew of issues; the 1973 oil crisis halted any major racing for nearly three years. Although NASCAR eventually returned in 1979, heading into the 1980s, the track faced a lack of stable and modern infrastructure along with attendance issues. NASCAR left in 1981, with its president Bill France Jr. citing a poor track surface and amenities. USAC also left the track in

7257-567: The condominium ( "Condominio" ) is governed by law, last reformed in 2012. Co-ownership of the common parts of the buildings (such as the stairs, main walls, facades, roof, and courtyards) is mandatory: a landlord can not give up the right to common parts for not paying the costs. Each owner's quota in the condominium is expressed in thousandths ( "millesimi" ) of the whole; these are used to determine majorities in owners' assemblies ( "assemblee condominiali" ). See housing cooperative under owners association . Condominiums (Norwegian Eierseksjon )

7380-405: The construction of Big Hoss TV , which when constructed, was set to become the biggest HD screen in the world. As a result of its construction, backstretch grandstands that numbered to around 10,000 seats were demolished. The video screen was completed in March 2014 and was officially certified by Guinness World Records as the largest HD television LED screen in the world. In 2023, TMS announced that

7503-532: The country, the Team 247 brand was built on the legends racing platform. Historically, legends racers from the UK have performed well at the world finals, winning Semi-pro (Glenn Burtenshaw), Pro (John Jon Higgins) and Masters divisions (Peter Morton). Brought to Scotland by Aly Hunter, and with only six cars taking to the grid in April 2000 at Knockhill , it is now the norm to find around 20 cars taking part, with 25 competing in

SECTION 60

#1732855715608

7626-449: The development is built on leased land. As condominium unit owners may wish to rent their home to tenants , similar to renting out single-owner real estate, but leasing rights may be subject to conditions or restrictions set forth in the declaration (such as a rental cap for the total number of units in a community that can be leased at one time) or otherwise as permitted by local law. A homeowners association (HOA), whose members are

7749-515: The duo met businessman Ross Perot Jr. and flew in Perot's helicopter to scout a piece of land that was owned by Perot. The land impressed the duo, and by November 30, the Star-Telegram reported that the two were planning to build a 150,000-capacity speedway at a cost of around $ 75,000,000 (adjusted for inflation, $ 154,176,022). Originally, the speedway was set to have a capacity of 70,000 seats. However,

7872-611: The earliest known use of the condominium form of tenure to a document from first-century Babylon . The word condominium originated in Latin . Condominium is an invented Latin word formed by adding the prefix con- 'together' to the word dominium 'dominion, ownership'. Its meaning is, therefore, 'joint dominion' or 'co-ownership'. Condominia (the Latin plural of condominium ) originally referred to territories over which two or more sovereign powers shared joint sovereignty. This technique

7995-619: The equivalent legal structures of a condominium is commonhold , a form of ownership introduced in September 2004. As of 3 June 2009, there were 12 commonhold residential developments comprising 97 units in England and one commonhold residential development, comprising 30 units, in Wales. "Condominium" is not a term that is widely used in England and Wales. Commonhold is a creature of statute and comparatively rare, and condominiums are more likely to be found in

8118-411: The equivalent to a condominium is a "multi-owner building" or "building in multiple ownership". These are sometimes part of a private housing estate comprising multiple buildings but often consist of a single building owned in common. The relationships among the parties, including rights of exclusive occupation of flats and parking spaces, are defined by the deed of mutual covenant ("DMC", analogous to

8241-465: The establishment of conditions for joint ownership and use of inter-apartment stairs, elevators, corridors, roofs, technical basements, non-apartment engineering equipment, adjacent territory, and other common areas. In Singapore and Malaysia , "Condo" or "Condominium" are terms used for housing buildings with some special luxury features like security guards, swimming pools, or tennis courts. In Singapore, most houses without such features are built by

8364-441: The exception of three styles of car (standard coupe, '34 coupe, and sedan) available with 10 types of body styles. New cars are currently offered with seven body styles, however many used cars exist with the "older" styles. They are raced on dirt tracks , oval tracks , and road circuits . In 1992, Charlotte Motor Speedway officials noticed a need for lower cost racing cars with little maintenance time and cost. They found such

8487-481: The expenditure of money to perform. This did not create a significant problem until the 1950s when flats (where ownership is divided horizontally) first began to appear on the market as more affordable, particularly for first-time buyers. Until then flats had been confined to short-term unsaleable tenancies, with varying degrees of statutory rent protection and security of tenure. It was soon learned that freehold flats were an unsatisfactory form of ownership because it

8610-526: The exterior of the units. Generally, these sets of rules and regulations are made available to residents and or as a matter of public record, via a condominium or homeowners association website, or through public files, depending on the state and its applicable laws. Condominiums are usually owned in fee simple title , but can be owned in ways that other real estate can be owned, such as title held in trust . In some jurisdictions, such as Ontario , Canada, or Hawaii US, there are "leasehold condominiums" where

8733-404: The exteriors of the dwellings or yards, and "site condominiums", where the owner has more control and possibly ownership (as in a "whole lot" or "lot line" condominium) over the exterior appearance. These structures are preferred by some planned neighborhoods and gated communities . The description of the condominium units and the common areas and any restrictions on their use are established in

8856-431: The final the grid is formed by the reverse of the drivers points in the previous two races – meaning the most successful driver starts near the back. In each race however, all rookies start at the back of the grid. In 2018, Team 247, a race team set up by engineering firm 24hr Solutions, with rookie driver Phil Turner (Hertfordshire), entered the competition in support of Help for Heroes. With racing and event dates across

8979-519: The form of leaseholds because of long-standing legal differences between leasehold and freehold tenure. By virtue of the landmark case of Tulk v Moxhay , in English law only restrictive covenants can be enforced against freehold land. This means it is not possible to enforce a positive covenant on successive owners of freehold land, other than to maintain a boundary fence, without creating an elaborate trust. A positive covenant is, broadly, one that involves

9102-436: The freedom to select whom to sell to, under-the-table payments are common. Current public policy favors condominiums over housing cooperatives, and recent legislation has aimed at making the latter more condominium-like. For example, since 2005, cooperative shares may be used to secure bank loans. (However, Danish mortgage banks still may not mortgage individual housing cooperative apartments.) In England and Wales , one of

9225-410: The governmental Housing Development Board (HDB), and such HDB units can be possessed for rent or individually bought from the government. Condominiums and HDB flats make up the overwhelming majority of available residential housing in the country. Legends car racing Legends car racing is a style of auto racing designed primarily to promote exciting racing and to keep costs down (as of 2022,

9348-547: The interior side of the walls surrounding a condo, allowing the homeowner to make some interior modifications without impacting the common area. Anything outside this boundary is held in an undivided ownership interest by a corporation established at the time of the condominium's creation. The corporation holds this property in trust on behalf of the homeowners as a group—it may not have ownership itself. Some condominium complexes consist of single-family dwellings. There are also "detached condominiums" where homeowners do not maintain

9471-483: The largest mass-producer of race cars in the world. Although the cars originated from the US, other countries including Canada and many European countries also host championships. Each November, the world finals are held in the US, with the exception of 2017, when the finals were held in Finland, at the Botniaring Racing Circuit . Drivers can be classified into four different divisions. The Pro Division

9594-420: The late 1990s, Legends Racing UK visits tracks all over the country, and ran a 15-round championship, all brought to the UK by music promoter Phil Cooper. Three races are held – two heats and a final – at a round of the championship, with the heats lasting between 7 and 12 laps depending on the circuit, with the final a few laps longer. The grid for race one is drawn by lots, with the reverse for heat two, and in

9717-498: The leadership of Faber, Faber promised for better relations with the city of Fort Worth, with Faber claiming that a "pain point" was Gossage putting "No Limits, Texas" on the outside wall instead of the actual city's name. Faber also announced the creation of the "No Limits Next" project, aimed at renovating the track and expanding Big Hoss TV. The speedway also ended the tradition of victors firing six-shooters in victory lane under Faber's leadership. By July 2023, Faber also confirmed that

9840-416: The legal power to collect that. Condominium ownership is also used, albeit less frequently, for non-residential land uses: offices, hotel rooms, retail shops, private airports, marinas, group housing facilities (retirement homes or dormitories), bare land (in British Columbia ) and storage . The legal structure is the same, and many of the benefits are similar; for instance, a nonprofit corporation may face

9963-587: The master deed described above) and the Building Management Ordinance Cap. 344. Condominiums are a very common form of real estate ownership in contemporary Hungary, as most state- or municipality-owned apartments were privatized following the end of socialism in Hungary in 1989. Historically, condominiums ( Hungarian : társasház ) were formalized as a legal ownership structure as early as 1924. Condominiums in Hungary are traded and mortgaged on

10086-475: The most important law considering condominiums is the Wohnungseigentumsgesetz (abbreviated WoEigG). It is the basis for all legal regulations involving individual freehold ownership, the rights, and duties of homeowner associations, and the management of condominiums. The WoEigG dates back to 1951, but it was re-enacted in 2007. Now, homeowners are invested with partial legal capacity, which means that

10209-435: The name "Texas Motor Speedway". Gossage and Bruton countersued on September 9, claiming that majority owner Jack Holland was trying to "squeeze and extort money" from them. As a result, the speedway changed its name to "Texas International Raceway" on September 11. Although litigation was expected to take years, on December 2, the dispute was settled out of court. With the settlement, the dirt track agreed to change its name, with

10332-425: The next year, the speedway made efforts to fill up the tower's office space of a combined 100,000 square feet. TMS also announced in 1997 that they were building a members-only Speedway Club overlooking the first turn that was inspired by the club at the Charlotte Motor Speedway . The nine-story club was completed in March 1999 at a cost of $ 35 million, featuring 26,000 square feet of space. In 2013, Gossage announced

10455-535: The obligations of the owners with regard to assessments, maintenance, and use of the units and common areas, although those obligations are often found in the condominium's founding documents. Finally, they may set limits on the conduct of unit owners and residents. These are more readily amendable than the declaration or association bylaws, typically requiring only a vote of the governing body. Typical rules include mandatory maintenance fees (perhaps collected monthly), pet restrictions, and color/design choices visible from

10578-539: The other being a Co-operative Housing Society (CHS) or Co-operative Group Housing Society (CGHS), which needs to be registered with the municipal authorities. Iranian government has begun supporting villas and opposing apartment building concerned by people's manner. In Israel, condominiums (known "בתים משותפים" , "shared houses" or "cooperative houses") are a common form of home ownership. Public housing has historically been organized as subsidized purchases and mortgages in government-constructed condominiums. In Italy,

10701-455: The oval and the infield road course. The infield road course was completed in August 2000, and has four variations that are mainly used for sports car racing . TMS is served by numerous major roads. It is located at the intersection of Interstate 35W and Texas State Highway 114 to the track's southeast, and Farm to Market Road 156 to the track's west. The intersection has seen criticism since

10824-792: The owners themselves; in the 21st century, however, the owners' convention typically hires a professional building manager who does not personally live in the building. Decisions that involve changes to the terms and conditions, or larger common expenses, still need to be approved by the convention, however. Voting power is based on the percentage of property owned. In India, condominiums are known as "Apartments" or "Apartment Buildings/Complexes" or "Societies" or "Flats". Each building consists of multiple floors and flats/living units with different configurations. The most common configurations are "1-BHK", "2-BHK" and "3-BHK" (BHK stands for bedroom-hall-kitchen). The association of homeowners has many names - two common names are Resident Welfare Association (RWA) and

10947-519: The potential for this type of economical racer, and developed the Aussie racing car , with a focus on road racing. The Aussie racing cars retain the same Yamaha motorcycle engines. The classic legends style bodyshape of old Fords and early Holdens have been gradually supplanted by imitations of modern road cars for commercial purposes. The category has visited many of the major Supercars Championship races across Australia. While high grid numbers have long been

11070-412: The province and districts within the various municipalities. Apartments (Danish ejerlejlighed , literally "owner-apartment") comprise some 5% of Danish homes. They are traded and mortgaged on the same markets as freestanding houses, and are treated legally much like other forms of real estate. Each owner-tenant directly owns their own apartment; the rest of the building and the ground on which it stands

11193-473: The provisions to create enforceable positive covenants in freehold blocks of flats were occasionally mooted but never gained currency. On 21 July 2020 the UK Law Commission reported on the existing difficulties and made proposals to improve the law and encourage the acceptance of commonhold as the preferred form of tenure. In Finland, a condominium-like arrangement where the ownership of the real estate

11316-413: The purchase of a flat, for the requirements for a fully marketable flat remain complex. The Law of Property Act 1925 , s. 153, contains provisions for the "enlargement" of leases into freeholds, one of the effects of which is to preserve the enforceability of positive covenants contained in the lease against the resulting freehold. There are clear, but stringent, requirements. Artificial schemes using

11439-469: The repave was viewed neutrally by IndyCar drivers, and NASCAR drivers were recorded to be more optimistic about the repave. Throughout the late 2010s, TMS oversaw continuous decline. In November 2019, Gossage made calls to "modernize" the speedway, including decreasing capacity from 135,000 to a range from 80,000 to 90,000, along with better internet services, a wider concession variety, and more suites. In 2020, as an attempt by Marcus to increase attendance at

11562-401: The same market as any free-standing single-family home ( Hungarian : kertesház ; "garden-house"), and are treated much like other forms of real estate. The condominium acts as a non-profit legal entity maintaining the common areas of the property, and is managed by a representative ( Hungarian : közös képviselő ) elected by the owners' convention. Historically, this representative was one of

11685-462: The screen was to be expanded by 10%. TMS' complex has two adjacent tracks. In May 1998, the speedway opened Lil' Texas Motor Speedway, a 1 ⁄ 5 mile (0.32 km) paved short track that hosts various divisions of local short track racing, primarily legends cars and bandoleros . In August 1999, Gossage announced plans of a new 2 ⁄ 5 mile (0.64 km) dirt track to the main track's east that could seat 13,007. The $ 8 million track

11808-427: The security of flats unless certain basic provisions were included. This benefited owners whether or not they borrowed money since the purchase was invariably conducted through a solicitor or licensed conveyancer trained to reject leases failing to meet the necessary standards. Despite these standards, the actual form of leasehold systems is variable. Highly favoured are arrangements where the leases are granted out of

11931-494: The series in 2018, this time as the season finale of that year. In 2017, TMS hosted a Stadium Super Trucks event as a support event for the June weekend's NASCAR Camping World Truck Series and IndyCar Series doubleheader. The series raced at the speedway annually until 2019. The speedway has held numerous festivals throughout its history, with some festivals having a recorded attendance of 250,000 people or more. In 1997, days after

12054-663: The series was won by Marko Kilpiä. More than 50 racers participated in three events. Series will continue in 2017 with round in Riga, Parnu and Ahvenisto. Legends have been raced in France since 2004. and have supported the French Grand Prix at Magny Cours; also in Belgium and Spain. In Italy more than 80 legends cars have been sold, and the official Italian championship counts up to 30 drivers per event. The Italian team regularly takes part in

12177-487: The speedway able to retain the "Texas Motor Speedway" name. TMS oversaw a turbulent period in its early years; particularly 1997, the track's first year of racing. In its first major race, the 1997 Interstate Batteries 500 , heavy rain plagued the race's weekend, causing qualifying to be cancelled and the grass parking lots of the speedway to be heavily soaked. While the parking issue was resolved by using busses, further issues were raised when drivers started to complain about

12300-473: The speedway and Marcus Smith were looking at repaving the track by using iRacing simulations. As of 2024, TMS holds one annual NASCAR Cup Series event: the Autotrader EchoPark Automotive 400 . From 2005 to 2022, TMS held two Cup Series races: one in the fall and one in the spring. Until 2023, the spring race had run annually in at least some form; in 2021, its points race was transferred to

12423-482: The speedway would place a bigger emphasis on technology, including releasing NFTs and experimenting with augmented reality . He also expressed a desire to increase fan diversity, specifically with Hispanics. In September, NASCAR announced that the NASCAR All-Star Race was set to return to the speedway in 2022. In 2022, the track oversaw controversies in both of its NASCAR races along with general criticism for

12546-531: The speedway, he moved the NASCAR All-Star Race from its traditional home at the Charlotte Motor Speedway to Texas, a move that saw criticism in the coming years. By 2020, Gossage was in talks with Marcus on retiring from his position, stating that he had grown upset at the IndyCar racing product on the newly-reconfigured track and consequences from the COVID-19 pandemic. By December, he confirmed his decision to retire to Marcus, officially announcing his retirement in

12669-485: The support races at the 2007 BTCC meeting. All the races in 2007 took place at Knockhill, but the series has organised "away" rounds at Croft , Oulton Park, Donington Park, Cadwell Park and Anglesey in recent years. The series observes the same race format rules as the UK legends, however the races are 8 and 10 laps long for the heats and finals respectively. Legends are available for race or track hire at Knockhill. Legends have been racing in Finland since 1999 and

12792-421: The surface of the race track, leading to a major first lap pileup. Two months later, the speedway held its first IndyCar Series race; a scoring dispute between Billy Boat and Arie Luyendyk occurred when Luyendyk disputed the victory that was initially given to Boat. As Boat and his team owner, A. J. Foyt were celebrating, Luyendyk went to victory lane to dispute the victory, demanding officials explain why he

12915-440: The top prize of $ 250,000. The event was hosted again at Charlotte Motor Speedway under the name of the "Legends Big Money 100" from 1st-2nd August 2011. The winner was Kyle Plott of Marietta, Georgia. He held off NASCAR driver David Ragan, a past legends car and bandolero champion, to win the 100-lap race at Charlotte. The third annual Big Money 100 was once again hosted at Charlotte Motor Speedway on 4th July 2012. Tyler Green won

13038-463: The track featured a capacity of 155,061 with a frontstretch grandstand capacity of 120,000, an infield capacity of 53,000, the world record for the amount of toilets at a facility with 2,450 toilets, 67,000 parking spaces for cars and RVs, 194 suites, and a 23-acre lake, with the entire complex of approximately 1,000 acres itself having more than 60 buildings. Numerous buildings on the site's property serve for business purposes. A 10-story building named

13161-519: The track hosted FortyFest , a Christian rock music festival. In 2023, the track hosted a second location of the HWY30 Music Fest , a country music festival that originated from Filer, Idaho . The track is scheduled to host the event again in 2024. Since 1998, TMS has held the Solar Car Challenge , a solar-powered car race for high school students. In odd-numbered years, the track is used as

13284-425: The track in the short-term, sharing the opinions of drivers Jimmie Johnson and Carl Edwards . However, under the direction of SMI CEO Marcus Smith , the track announced the commencement of a repave in response to the drying issues. With the repave, the banking in the first two turns were decreased from 24 to 20 degrees, and the racing surface was expanded from 60 to 80 feet. In a 2017 Dallas Morning News article,

13407-421: The track sought to hold its first CART race; however, after a culmination of events that occurred over the course of several months, the race was cancelled after it was found that drivers could suffer extreme vertical g -loads in the track's turns that could have led to death. The track was later repaved that same year to remove any bumps from the racing surface, with Gossage stating in an interview that to maintain

13530-430: The track's IRL race, the speedway held a two-day country music festival titled Country Fest , attracting 260,000 people. A week later, the speedway held RockFest '97, a rock music festival that attracted around 400,000 people. The latter was described by then-general manager Eddie Gossage as "the worst day of my life", who stated that the festival was extremely chaotic. After 1997, TMS has held fewer festivals. In 2010,

13653-464: The track's construction; in 2010, Denton County officials announced the widening of Highway 114 in response to traffic within the area. As of 2021, TMS has a reported capacity of 75,000 according to the Fort Worth Star-Telegram . TMS' track complex covers 1,500 acres according to the Star-Telegram . At the time of TMS' opening, the Fort Worth Star-Telegram reported in March 1997 that

13776-548: The track's only Cup Series date, which was in the fall, shifting back to the spring. A second weekend to TMS was awarded in the aftermath of the Ferko lawsuit in 2005. The date remained on the schedule annually until 2023, when it was moved to the spring. Along with its Cup Series dates, the track also hosts lower-series NASCAR races, including second-tier NASCAR Xfinity Series and third-tier NASCAR Truck Series races. TMS used to hold IndyCar Series races from 1997 to 2023. In 2024,

13899-644: The track, they needed to repave it every couple of years. By the early 2000s, problems with the track declined. TMS oversaw some of the biggest attended NASCAR races in history; races in 1999 and 2000 saw major success, with attendances of 221,861 and 223,000 people, respectively. In 2002, Francis Ferko, a minority shareholder in SMI, filed a lawsuit against NASCAR and the International Speedway Corporation for violating antitrust laws, feeling as if SMI did not do enough to protect his investment. A settlement

14022-399: The unit owners, manages the condominium through a board of directors elected by the membership. This exists under various names depending on the jurisdiction, such as "unit title", "sectional title", " commonhold ", "strata council", or " tenant-owner's association ", "body corporate", "Owners Corporation", "condominium corporation" or "condominium association". Another variation of this concept

14145-636: The world finals, winning the Semi-pro Legends Road Course World Final in 2019 with the driver Kevin Liguori. The Italian former World Cup Alpine ski racer Kristian Ghedina took part in the 2021 Legend Cars Italian Championship. Since 2020, there has been a Legends Car Ice Challenge which is held in various Italian famous ski resorts during the winter season A legends racing series has been announced in Mexico for 2009, consolidating

14268-430: The yards (gardens), building exteriors, and streets, as well as any recreational facilities (such as a pool, bowling alley, tennis courts, and golf course), are jointly owned and maintained by a community association . Many shopping malls are commercial condominiums in which the individual retail and office spaces are owned by the businesses that occupy them, while the common areas of the mall are collectively owned by all

14391-449: Was eventually reached in 2004, which guaranteed a second NASCAR race weekend for Texas at the cost of one of Rockingham Speedway 's weekends. The settlement was enforced in 2005. TMS became known for its promotions and stunts directed by Gossage. Gossage, who self-remarked himself as the last "old-school" promoters, conducted numerous promotions that were inspired by promoters such as Humpy Wheeler , who Gossage had formerly worked under at

14514-501: Was formally introduced in 1983. Approximately 19% of Norwegian homes are condominiums, as approximately 50% of the owner-occupied flats and duplexes, approximately 30% of the rowhouses, and 2.5% of the detached houses are organized as condominiums. The title "Condominiums" is not used in Pakistan rather they are called "Flats" for average-style buildings while "Complexes" for sophisticated and larger buildings. The minimum number of floors for

14637-565: Was frequently used to settle border disputes when multiple claimants could not agree on how to partition the disputed territory. For example, from 1818 to 1846, Oregon Country was a condominium over which both the United States and Great Britain shared joint sovereignty until the Oregon Treaty resolved the issue by splitting the territory along the 49th parallel and each country gaining sole sovereignty of one side. The distinction between

14760-432: Was later asked to run the facility in late May, which he accepted. According to the duo, the track was inspired by previous tracks Smith owned, with Smith wanting to incorporate the best ideas from those tracks and combine them into the construction of TMS. The speedway initially implemented a dual-banked surface to accompany both NASCAR and open-wheel racing ; a higher bank of 24 degrees meant to accommodate stock cars, and

14883-487: Was not possible to impose essential maintenance requirements. As such, flats became virtually unmarketable because they were an unacceptable form of security to lenders. Thus solicitors, the principal property lawyers in England and Wales in those days, began to use leases instead, where such limitations did not apply. Progress was haphazard and piecemeal, but over time things became more standard. Improvements became universal as institutional lenders refused to advance money on

15006-433: Was scored as one lap short and demanding that he be given the victory. Foyt proceeded to slap Luyendyk on the back of the head and pushed him to the ground before being separated by security. Luyendyk was given the victory the next day after a scoring recheck. After both races in 1997, Gossage announced that the speedway would reprofile the fourth turn. Complaints about the turn lasted into 1998, with drivers complaining about

15129-523: Was scouting the same land as the duo; under the orders of Smith, the two stopped scouting Las Vegas to let Engelstad scout the land that later became the Las Vegas Motor Speedway . By November 18, 1994, the Fort Worth Star-Telegram reported that Smith and Gossage had made their final choices in either of the two remaining places. In St. Louis, the duo saw numerous pieces of land that were flooded, and scratched off St. Louis. In Dallas–Fort Worth,

#607392