Contractable condominiums; withdrawal of land
Sec. 14. (a) Subject to:
(1) the declaration;
(2) condominium instruments; and
(3) this chapter;
a declarant may withdraw withdrawable land from a contractable
condominium unless the withdrawal is prohibited by subsection (c).
The contraction is effective when the instruments required by
subsection (b) are recorded.
(b) In contracting the condominium, the declarant shall prepare,
execute, and record an amendment to the declaration and
condominium instruments:
(1) containing a legally sufficient description of the land being
withdrawn; and
(2) stating the fact of withdrawal.
(c) If a portion of the withdrawable land was described under
IC 32-25-7-3(6) and IC 32-25-7-3(7), that portion may not be
withdrawn if any person other than the declarant owns a
condominium unit situated on that portion of the withdrawable land.
If that portion of the withdrawable land was not described under
IC 32-25-7-3(6) and IC 32-25-7-3(7), none of the withdrawable land
may be withdrawn if any person other than the declarant owns a
condominium unit situated on that portion of the withdrawable land.
As added by P.L.2-2002, SEC.10.
Last modified: May 24, 2006