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Exercise of development rights - 68 Pa. Cons. Stat. § 4209

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     § 4209.  Exercise of development rights.
        (a)  General rule.--To exercise any development right
     reserved under section 4205(a)(8) (relating to contents of
     declaration), the declarant shall prepare, execute and record an
     amendment to the declaration (section 4216). If the exercise of
     such development rights causes real estate to be added to a
     cooperative or withdrawn from a cooperative, the amendment to
     the declaration shall either convey or refer to the instrument
     conveying the real estate so added or withdrawn and shall
     contain a legally sufficient description of the real estate. The
     amendment to the declaration must also assign an identifying
     number to each new unit created, if appropriate, and reallocate
     the allocated interests among all cooperative interests. The
     amendment must also describe any common elements and any limited
     common elements thereby created and, in the case of limited
     common elements, designate the unit to which each is allocated
     to the extent required by section 4208 (relating to limited
     common elements).
        (b)  Reservation of development rights.--Development rights
     may be reserved within any real estate added to the cooperative
     if the amendment adding that real estate includes all matters
     required by section 4205 or 4206 (relating to leasehold
     cooperatives), as the case may be. This provision does not
     extend the time limit on the exercise of development rights
     imposed by the declaration pursuant to section 4205(b)(1).
        (c)  Subdivision or conversion of unit.--Whenever a declarant
     exercises a development right to subdivide or convert a unit
     previously created into additional units, common elements or
     both:
            (1)  If the declarant converts the unit entirely to
        common elements, the amendment to the declaration must
        reallocate all the allocated interests of the cooperative
        interest of which that unit is a part among the other
        cooperative interests as if that unit had been taken by
        eminent domain (section 4107).
            (2)  If the declarant subdivides the unit into two or
        more units, whether or not any part of the unit is converted
        into common elements, the amendment to the declaration must
        reallocate all the allocated interests of the cooperative
        interests created by the subdivision in any reasonable manner
        prescribed by the declarant.
        (d)  Withdrawal of real estate.--If the declaration provides,
     pursuant to section 4205(a)(8), that all or a portion of the
     real estate is subject to the development right of withdrawal:
            (1)  If all of the real estate is subject to withdrawal
        and the declaration does not describe separate portions of
        real estate subject to that right, none of the real estate
        may be withdrawn after a cooperative interest has been
        conveyed to a purchaser.
            (2)  If a portion or portions are subject to withdrawal,
        no portion may be withdrawn after a cooperative interest in
        the portion has been conveyed to a purchaser.

        Cross References.  Section 4209 is referred to in sections
     4103, 4216, 4302, 4417 of this title.

Last modified: November 27, 2007