Expandable condominiums; contents of declaration
Sec. 2. (a) If a condominium is an expandable condominium, the
declaration shall contain, in addition to the matters specified in
section 1 of this chapter:
(1) a general plan of development showing:
(A) the property subject to the condominium;
(B) areas into which expansion may be made; and
(C) the maximum number of condominium units in
additional phases that may be added;
(2) a schedule or formula for determining the percentage of
undivided interests in the common areas and facilities that will
appertain to each condominium unit as each additional phase is
added; and
(3) a time limit, not exceeding ten (10) years, within which the
phase or phases may be added to the condominium.
(b) If additional phases are not developed within five (5) years
after the recordation of the declaration, the development of
additional phases is not considered to be part of:
(1) a common scheme; and
(2) development of the entire condominium.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006