Contractable condominiums; contents of declaration
Sec. 3. If a condominium is a contractable condominium, the
declaration shall contain, in addition to matters specified in section
1 of this chapter:
(1) an explicit reservation of an option to contract the
condominium;
(2) a statement of any limitations on the option to contract the
condominium;
(3) a date, not later than ten (10) years after the recording of the
declaration, upon which the option to contract the condominium
will expire;
(4) a statement of any circumstances that will terminate the
option to contract the condominium before the expiration date
referred to in subdivision (3);
(5) a legally sufficient description of all withdrawable land;
(6) a statement as to whether portions of the withdrawable land
may be withdrawn from the condominium at different times;
and
(7) a statement of any limitations:
(A) fixing the boundaries of portions of the withdrawable
land; or
(B) regulating the order in which the portions may be
withdrawn.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006