448.4-104. Original sale certificate, condominiums subject to development rights.
Original sale certificate, condominiums subject to development rights.
448.4-104. If the declaration provides that a condominium issubject to any development rights, the original sale certificateshall disclose, in addition to the information required bysection 448.4-103:
(1) The maximum number of units, and the maximum number ofunits per acre, to the extent reasonably ascertainable, which maybe created;
(2) A statement of how many or what percentage of the unitswhich may be created will be restricted exclusively toresidential use, or a statement that no representations are maderegarding use restrictions;
(3) If any of the units which may be built within realestate subject to development rights are not to be restrictedexclusively to residential use, a statement, with respect to eachportion of that real estate, of the maximum percentage of thereal estate areas, and the maximum percentage of the floor areasof all units which may be created therein, which are notrestricted exclusively to residential use;
(4) A brief narrative description of any development rightsreserved by a declarant and of any conditions relating to orlimitations upon the exercise of development rights;
(5) A statement of the maximum extent to which each unit'sallocated interests may be changed by the exercise of anydevelopment right described in subdivision (3) of this section;
(6) A statement of the extent to which any buildings orother improvements which may be erected pursuant to anydevelopment right in any part of the condominium will becompatible with existing buildings and improvements in thecondominium in terms of architectural style, quality ofconstruction, and size, or a statement that no assurances aremade in those regards;
(7) General descriptions of all other improvements which maybe made and limited common elements which may be created withinany part of the condominium pursuant to any development rightreserved by the declarant, or a statement that no assurances aremade in that regard;
(8) A statement of any limitations as to the locations ofany building or other improvement which may be made within anypart of the condominium pursuant to any development rightreserved by the declarant, or a statement that no assurances aremade in that regard;
(9) A statement that any limited common elements createdpursuant to any development right reserved by the declarant willbe of the same general types and sizes as the limited commonelements within other parts of the condominium, or a statement ofthe types and sizes planned, or a statement that no assurancesare made in that regard;
(10) A statement that the proportion of limited commonelements to units created pursuant to any development rightreserved by the declarant will be approximately equal to theproportion existing within other parts of the condominium, or astatement of any other assurances in that regard, or a statementthat no assurances are made in that regard;
(11) A statement that all restrictions in the declarationaffecting use, occupancy, and alienation of units shall apply toany units created pursuant to any development right reserved bythe declarant, or a statement of any differentiations which maybe made as to those units, or a statement that no assurances aremade in that regard; and
(12) A statement of the extent to which any assurances madepursuant to this section apply or do not apply in the event thatany development right is not exercised by the declarant.
(L. 1983 H.B. 177)