Chapter 404
2004 -- S 3004
Enacted 0705/04
A N A C T
RELATING
TO PROPERTY
Introduced
By: Senator Stephen D. Alves
Date
Introduced: March 30, 2004
It
is enacted by the General Assembly as follows:
SECTION
1. Section 34-36.1-2.10 of the General Laws in Chapter 34-36.1 entitled
"Condominium
Law" is hereby amended to read as follows:
34-36.1-2.10.
Exercise of development rights. -- (a) To exercise any development
right
reserved
under section 34-36.1-2.05(a)(8), the declarant shall prepare, execute, and
record an
amendment
to the declaration (section 34-36.1-2.17) and comply with section 34-36.1-2.09.
The
declarant
is the unit owner of any units thereby created. The amendment to the
declaration must
assign
an identifying number to each new unit created; and, except in the case of
subdivision or
conversion
of units described in subsection (c), reallocate the allocated interests among
all units.
The
amendment must 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 section 34-36.1-2.08.
(b) 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
sections
34-36.1-2.05
or 34-36.1-2.06 as the case may be, and the plats and plans include all matters
required
by section 34-36.1-2.09. This provision does not extend the time limit on the
exercise of
development
rights imposed by the declaration pursuant to section 34-36.1-2.05(a)(8).
(c) Whenever a declarant exercises a development right to subdivide or convert
a unit
previously
created into additional units, common elements, or both:
(1) If the declarant converts the unit entirely to common elements, the
amendment to the
declaration
must reallocate all the allocated interests of that unit among the other units
as if that
unit
has been taken by eminent domain section 34-36.1-1.07.
(2) 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
must reallocate
all
the allocated interests of the unit among the units created by the subdivision
in any reasonable
manner
prescribed by the declarant.
(3) The time limit set forth in the declaration within which any development
rights and
other
special declarant rights reserved by the declarant must be exercised pursuant
to section 34-
36.1-2.05
(a)(8) may be extended by an affirmation of seventy-five percent (75%) of unit
owners
and
their mortgagees (if any).
(4) Development rights and other special declarant rights reserved by the
declarant that
expire
unexercised shall become the property of the unit owners' association which
unit owners'
association
shall have the power and right by vote or agreement of seventy-five percent (75%)
of
unit
owners and their mortgagees (if any) to establish a new time limit within which
each of such
unexercised
rights must be exercised by the unit owners' association or its assignee.
(d) If the declarant provides, pursuant to section 34-36.1-2.05(a)(8), that all
or a portion
of
the real estate is subject to the development right of withdrawal:
(1) 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; and
(2) 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.
(e)
Development rights and other special declarant rights reserved by the declarant
that
have
expired unexercised and which have become the property of the association and
which have
already
received a vote or agreement of seventy-five percent (75%) of unit owners and
their
mortgagees
(if any) to establish a new time limit within which each of such unexercised
rights
must
be exercised by the unit owners’ association or its assignee may be included
upon any new
plat
plan or real estate added to the condominium as an amendment to the declaration
as
described
in subsection 34-36.1-2.10(b). An amendment to the declaration pursuant to this
section
permitting
real estate to be added to the condominium property shall require that the
association
receive
a vote or agreement of fifty-one percent (51%) of unit owners.
SECTION
2. This act shall take effect upon passage.
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LC03077
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