§ 32-25-7-3 — Contractable condominiums; contents of declaration

Indiana § 32-25-7-3

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

Text

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may be withdrawn from the condominium at different times; and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withdrawn.
[Pre-2002 Recodification Citation: 32-1-6-12.2.]

Legislative History

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