381.9143 Exercise of development rights.

436 words·~2 min read·/ky/chapter-381/381-9143

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)To exercise any development right reserved under KRS 381.9133(1)(h), the

declarant shall prepare, execute, and record an amendment to the declaration and

comply with KRS 381.9141. The declarant is the unit owner of any units thereby

created. The amendment to the declaration shall assign an identifying number to

each new unit created, and, except in the case of subdivision or conversion of units

described in subsection

(3)of this section, reallocate the allocated interests among

all units. The amendment shall describe any common elements and any limited

common elements thereby created and, in the case of limited common elements,

designate the unit to which each is allocated to the extent required by KRS

381.9139.

(2)Development rights may be reserved within any real estate added to the

condominium if the amendment adding that real estate includes all matters required

by KRS 381.9133 or 381.9135, as the case may be, and the plats and plans include

all matters required by KRS 381.9141. This provision does not extend the time limit

on the exercise of development rights imposed by the declaration under KRS

381.9133(1)(h).

(3)If a declarant exercises a development right to subdivide or convert a unit

previously created into additional units, common elements, or both, the declaration

shall be amended as follows:

(a)If the declarant converts the unit entirely to common elements, the amendment

to the declaration shall reallocate all the allocated interests of that unit among

the other units as if that unit had been taken by eminent domain; or

(b)If the declarant subdivides the unit into two

(2)or more units, whether or not

any part of the unit is converted into common elements, the amendment to the

declaration shall reallocate all the allocated interests of the unit among the

units created by the subdivision in any reasonable manner prescribed by the

declarant.

(4)If the declaration provides, pursuant to KRS 381.9133(1)(h), that all or a portion of

the real estate is subject to the development right of withdrawal, then the following

shall apply:

(a)If all the real estate is subject to withdrawal, and the declaration does not

describe separate portions of real estate subject to that right, none of the real

estate may be withdrawn after a unit has been conveyed to a purchaser without

the written consent of all unit owners owning units within the real estate; and

(b)If a portion or portions are subject to withdrawal, no portion may be

withdrawn after a unit in that portion has been conveyed to a purchaser

without the written consent of all unit owners owning units within that

portion.