Section 356-B:18 Reallocation of Interests in the Common Areas.
I. If a condominium contains any convertible land or is an expandable condominium, then the declaration shall not allocate undivided interests in the common areas on the basis of value unless the declaration:
(a) Prohibits the creation of any units not substantially identical to the units depicted on the site plans and floor plans recorded pursuant to RSA 356-B:20, I and II; or
(b) Prohibits the creation of any units not described pursuant to RSA 356-B:16, II(f) (in the case of convertible lands) and RSA 356-B:16, III(l) (in the case of additional land), and contains from the outset a statement of the value that shall be assigned to every such unit that may be created.
II. Interests in the common areas shall not be allocated to any units to be created within any convertible land or within any additional land until site plans and floor plans depicting the same are recorded pursuant to RSA 356-B:20, III. But simultaneously with the recording of such site plans and floor plans the declarant shall execute and record an amendment to the declaration reallocating undivided interests in the common areas so that the units depicted on such site plans and floor plans shall be allocated undivided interests in the common areas on the same basis as the units depicted on the site plans and floor plans recorded simultaneously with the declaration pursuant to RSA 356-B:20, I and II.
III. If all of a convertible space is converted into common areas, including without limitation limited common areas, then the undivided interest in the common areas appertaining to such space shall thenceforth appertain to the remaining units, being allocated among them in proportion to their undivided interests in the common areas. The principal officer of the unit owners' association, or such other officer or officers as the condominium instruments may specify, shall forthwith prepare, execute, and record an amendment to the declaration reflecting the reallocation of undivided interests produced thereby.
IV. In the case of a leasehold condominium, if the expiration or termination of any lease causes a contraction of the condominium which reduces the number of units, then the undivided interest in the common areas appertaining to any units thereby withdrawn from the condominium shall thenceforth appertain to the remaining units, being allocated among them in proportion to their undivided interests in the common areas. The principal officer of the unit owners' association, or such other officer or officers as the condominium instruments may specify, shall forthwith prepare, execute, and record an amendment to the declaration reflecting the reallocation of undivided interests produced thereby.
Source. 1977, 468:1, eff. Sept. 10, 1977.