Section 32-25-7-3 - Contractable condominiums; contents of declaration 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sufficient description of all withdrawable land;(6) a statement as to whether portions of the withdrawable land may be withdrawn from the condominium at different times; and(7) a statement of any limitations:(A) fixing the boundaries of portions of the withdrawable land; or(B) regulating the order in which the portions may be withdrawn.Pre-2002 Recodification Citation: 32-1-6-12.2.
As added by P.L. 2-2002, SEC.10.