§ 34-36.1-2.10 - Exercise of development rights.
SECTION 34-36.1-2.10
§ 34-36.1-2.10 Exercise of developmentrights. – (a) To exercise any development right reserved under § 34-36.1-2.05(a)(8),the declarant shall prepare, execute, and record an amendment to thedeclaration (§ 34-36.1-2.17) and comply with § 34-36.1-2.09. Thedeclarant is the unit owner of any units thereby created. The amendment to thedeclaration must assign an identifying number to each new unit created; and,except in the case of subdivision or conversion of units described insubsection (c), reallocate the allocated interests among all units. Theamendment must describe any common elements and any limited common elementsthereby created and, in the case of limited common elements, designate the unitto which each is allocated to the extent required by § 34-36.1-2.08.
(b) Development rights may be reserved within any real estateadded to the condominium if the amendment adding that real estate includes allmatters required by §§ 34-36.1-2.05 or 34-36.1-2.06 as the case maybe, and the plats and plans include all matters required by §34-36.1-2.09. This provision does not extend the time limit on the exercise ofdevelopment rights imposed by the declaration pursuant to §34-36.1-2.05(a)(8).
(c) Whenever a declarant exercises a development right tosubdivide or convert a unit previously created into additional units, commonelements, or both:
(1) If the declarant converts the unit entirely to commonelements, the amendment to the declaration must reallocate all the allocatedinterests of that unit among the other units as if that unit has been taken byeminent domain § 34-36.1-1.07.
(2) If the declarant subdivides the unit into two (2) or moreunits, whether or not any part of the unit is converted into common elements,the amendment to the declaration must reallocate all the allocated interests ofthe unit among the units created by the subdivision in any reasonable mannerprescribed by the declarant.
(3) The time limit set forth in the declaration within whichany development rights and other special declarant rights reserved by thedeclarant must be exercised pursuant to § 34-36.1-2.05 (a)(8) may beextended by an affirmation of seventy-five percent (75%) of unit owners andtheir mortgagees (if any).
(4) Development rights and other special declarant rightsreserved by the declarant that expire unexercised shall become the property ofthe unit owners' association which unit owners' association shall have thepower and right by vote or agreement of seventy-five percent (75%) of unitowners and their mortgagees (if any) to establish a new time limit within whicheach of such unexercised rights must be exercised by the unit owners'association or its assignee.
(d) If the declarant provides, pursuant to §34-36.1-2.05(a)(8), that all or a portion of the real estate is subject to thedevelopment right of withdrawal:
(1) If all the real estate is subject to withdrawal, and thedeclaration does not describe separate portions of real estate subject to thatright, none of the real estate may be withdrawn after a unit has been conveyedto a purchaser; and
(2) If a portion or portions are subject to withdrawal, noportion may be withdrawn after a unit in that portion has been conveyed to apurchaser.
(e) Development rights and other special declarant rightsreserved by the declarant that have expired unexercised and which have becomethe property of the association and which have already received a vote oragreement of seventy-five percent (75%) of unit owners and their mortgagees (ifany) to establish a new time limit within which each of such unexercised rightsmust be exercised by the unit owners' association or its assignee may beincluded upon any new plat plan or real estate added to the condominium as anamendment to the declaration as described in subsection (b) of this section. Anamendment to the declaration pursuant to this section permitting real estate tobe added to the condominium property shall require that the association receivea vote or agreement of fifty-one percent (51%) of unit owners.