57-8-13.2 - Conversion of convertible land -- Amendment to declaration -- Limitations.
57-8-13.2. Conversion of convertible land -- Amendment to declaration --Limitations.
(1) The declarant may convert all or any portion of any convertible land into one or moreunits or limited common areas and facilities subject to any restrictions and limitations which thedeclaration may specify. Any such conversion shall be deemed to have occurred at the time ofthe recordation of the appropriate instruments under Subsection (2) of this section andSubsection 57-8-13(2).
(2) Simultaneously with the recording of the condominium plat pursuant to Subsection57-8-13(2), the declarant shall prepare, execute, and record an amendment to the declarationdescribing the conversion. The amendment shall assign an identifying number to each unitformed out of a convertible land and shall reallocate undivided interests in the common areas andfacilities in accordance with Subsection 57-8-13.10(2). The amendment shall describe ordelineate the limited common areas and facilities formed out of the convertible land, showing ordesignating the unit or units to which each is assigned.
(3) All convertible lands shall be deemed part of the common areas and facilities exceptfor such portions of them as are converted in accordance with this section. No such conversionsshall occur after five years from the recordation of the declaration, or such shorter period of timeas the declaration may specify, unless three-fourths of unit owners vote in favor of converting theland after the time period has expired.
Amended by Chapter 265, 2003 General Session