§ 32-25-7-2 — Expandable condominiums; contents of declaration

Indiana § 32-25-7-2

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 25: CONDOMINIUMS
• Ch. 7: Declaration

Text

(a) If a condominium is an expandable
condominium, the declaration shall contain, in addition to the matters
specified in section 1 of this chapter:
(1) a general plan of development showing:
(A) the property subject to the condominium;
(B) areas into which expansion may be made; and
(C) the maximum number of condominium units in additional
phases that may be added;
(2) a schedule or formula for determining the percentage of
undivided interests in the common areas and facilities that will
appertain to each condominium unit as each additional phase is
added; and
(3) a time limit, not exceeding ten (10) years, within which the
phase or phases may be added to the condominium.
(b) If additional phases are not developed within five (5) years after
the recordation of the declaration, the development of additional phases
is not considered to be part of:
(1) a common scheme; and
(2) development of the entire condominium.
[Pre-2002 Recodification Citation: 32-1-6-12.1.]

Legislative History

As added by P.L.2-2002, SEC.10.