§60-514. Declaration creating estate - Contents.
557 words·~3 min read·
/ok/title-60-property/60-514·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The declaration creating and establishing unit ownership estates as provided in Section ;-2 502 of this ;-act title, shall be recorded and shall contain the following particulars:
(a)Description of the land,
(b)Description of the building, stating the number of stories and basements, the number of units, and the principal materials of which it is constructed,
(c)The unit designation of each unit, and a statement of its location, approximate area, number of rooms, and immediate common area to which it has access, and any other data necessary for its proper identification,
(d)Description of the general common elements and the proportionate interest of each unit owner therein,
(e)Description of the limited common elements, if any, stating which units shall share the same and in what proportion,
(f)The name of a person to receive service of process in the cases hereinafter provided together with the residence or place of business of such person which shall be within the county in which the property is located,
(g)The method which the declaration may be amended, consistent with the provisions of this act,
(h)Any other details or restrictions in connection with the property which the person executing the declaration may deem desirable to set forth;-.,
(i)The declarant by a specific provision in the declaration may reserve the right to annex additional property to the property which was submitted to the Unit Ownership Estate Act under the original declaration. If such right is reserved, the declaration shall also include:
(1)The legal description of the property capable of being annexed, and the total number of units that may be added by one or more such annexations;
(2)The time limit within which the annexation shall take place from the recordation date of the original declaration;
(3)A requirement that all improvements intended for the property of each annexation shall be substantially complete prior to each such annexation;
(4)The formula for determining the undivided interest of each unit owner in the total common elements after each such annexation, which formula may not be changed without the unanimous consent of all the unit owners, and which formula shall be reasonably expected to result in a ratio of the approximate relation of the value of each unit after each annexation as it bears to the aggregate fair value of all units after each such annexation;
(5)A description of the annexation document to be executed and recorded by the declarant which shall not require the consent of the unit owners. The annexation document shall state the undivided interest of each unit owner in the common elements for each unit which is a part of the total property after such annexation. However, such undivided interest may be later changed in accordance with the act by a later annexation;
(6)A requirement that the improvements on the property to be annexed will be consistent with the improvements of the property originally submitted to the declaration in terms of quality and construction; and
(j)The specific formula for determining the amount of contribution to be made by the declarant for unconstructed units and/or unconstructed buildings if such contribution is less than the pro rata contribution of the expenses described in subsection
(a)of Section 512 of this title. Amended by Laws 1985, c. 137, § 4, eff. Nov. 1, 1985.