IC 32-25-7-3 Contractable condominiums; contents of declaration
160 words·~1 min read·
/in/title-32-property/article-25-condominiums/chapter-7-declaration/32-25-7-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 3. If a condominium is a contractable condominium, the declaration shall contain, in addition to matters specified in section 1 of this chapter:
(1)an explicit reservation of an option to contract the condominium;
(2)a statement of any limitations on the option to contract the condominium;
(3)a date, not later than ten
(10)years after the recording of the declaration, upon which the option to contract the condominium will expire;
(4)a statement of any circumstances that will terminate the option to contract the condominium before the expiration date referred to in subdivision (3);
(5)a legally sufficient description of all withdrawable land;
(6)a statement as to whether portions of the withdrawable land may be withdrawn from the condominium at different times; and
(7)a statement of any limitations:
(A)fixing the boundaries of portions of the withdrawable land; or
(B)regulating the order in which the portions may be withdrawn.
As added by P.L.2-2002, SEC.10.