55-79.62 - Conversion of convertible spaces.
§ 55-79.62. Conversion of convertible spaces.
(a) The declarant may convert all or any portion of any convertible spaceinto one or more units and/or common elements, including, without limitation,limited common elements, subject to any restrictions and limitations whichthe condominium instruments may specify. Any such conversion shall be deemedto have occurred at the time of the recordation of appropriate instrumentspursuant to subsection (b) hereof and subsection B of § 55-79.58.
(b) Simultaneously with the recording of plats and plans pursuant tosubsection E of § 55-79.58, the declarant shall prepare, execute, and recordan amendment to the declaration describing the conversion. Such amendmentshall assign an identifying number to each unit formed out of a convertiblespace and shall allocate to each unit a portion of the undivided interest inthe common elements appertaining to that space. Such amendment shall describeor delineate the limited common elements formed out of the convertible space,showing or designating the unit or units to which each is assigned.
(c) If all or any portion of any convertible space is converted into one ormore units in accordance with this section, the declarant shall prepare andexecute, and record simultaneously with the amendment to the declaration, anamendment to the bylaws. The amendment to the bylaws shall reallocate votesin the unit owners' association, rights to future common profits, andliabilities for future common expenses not specially assessed, all as in thecase of the subdivision of a unit in accordance with subsection D of §55-79.70.
(d) Any convertible space not converted in accordance with the provisions ofthis section, or any portion or portions thereof not so converted, shall betreated for all purposes as a single unit until and unless it is soconverted, and the provisions of this chapter shall be deemed applicable toany such space, or portion or portions thereof, as though the same were aunit.
(1974, c. 416; 1999, c. 560.)