If the condominium project contains any convertible area, the master deed shall contain the following:

  (a) A reasonably specific reference to the convertible area within the condominium project.

  (b) A statement of the maximum number of condominium units that may be created within the convertible area.

  (c) A general statement describing what types of condominium units may be created on the convertible area.

  (d) A statement of the extent to which a structure erected on the convertible area will be compatible with structures on other portions of the condominium project.

  (e) A general description of improvements that may be made on the convertible area within the condominium project.

  (f) A description of the developer’s reserved right, if any, to create limited common elements within any convertible area, and to designate common elements therein which may subsequently be assigned as limited common elements.

  (g) A time limit of not more than 6 years after initial recording of the master deed, by which the election to use this option expires.