448.2-103.  Construction and validity of declaration and bylaws. — 1.  All provisions of the declaration and bylaws are severable.

  2.  The rule against perpetuities shall not be applied to defeat any provision of the declaration, bylaws, or rules and regulations adopted pursuant to subdivision (1) of subsection 1 of section 448.3-102.

  3.  In the event of a conflict between the provisions of the declaration and the bylaws, the declaration prevails except to the extent the declaration is inconsistent with sections 448.1-101 to 448.4-120.

  4.  Title to a unit and common elements is not rendered unmarketable or otherwise affected by reason of an insubstantial failure of the declaration to comply with sections 448.1-101 to 448.4-120.  Whether or not a substantial failure impairs marketability shall not be affected by sections 448.1-101 to 448.4-120.