(4) |
(a) |
If the condominium project is an expandable condominium project, the declaration shall:
(i) |
contain an explicit reservation of an option to expand the project; |
(ii) |
include a statement of any limitations on the option to expand, including a statement as to whether the consent of any unit owners is required and, a statement as to the method by which consent shall be ascertained, or a statement that there are no such limitations; |
(iii) |
include a time limit, not exceeding seven years after the day on which the declaration is recorded, upon which the option to expand the condominium project expires and a statement of any circumstances that will terminate the option before expiration of the specified time limits; |
(iv) |
contain a legal description by metes and bounds of all land that may be added to the condominium project, which is known as additional land; |
(v) |
state:
(A) |
if any of the additional land is added to the condominium project, whether all of it or any particular portion of it must be added; |
(B) |
any limitations as to what portions may be added; or |
(C) |
a statement that there are no such limitations; |
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(vi) |
include a statement as to whether portions of the additional land may be added to the condominium project at different times, including any limitations fixing the boundaries of those portions by legal descriptions setting forth the metes and bounds of these lands and regulating the order in which they may be added to the condominium project; |
(vii) |
include a statement of any limitations on the locations of any improvements that may be made on any portions of the additional land added to the condominium project, or a statement that no assurances are made in that regard; |
(viii) |
(A) |
state the maximum number of units that may be created on the additional land; |
(B) |
if portions of the additional land may be added to the condominium project and the boundaries of those portions are fixed in accordance with Subsection (4)(a)(vi), state the maximum number of units that may be created on each portion added to the condominium project; and |
(C) |
if portions of the additional land may be added to the condominium project and the boundaries of those portions are not fixed in accordance with Subsection (4)(a)(vi), state the maximum number of units per acre that may be created on any portion added to the condominium project; |
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(ix) |
with respect to the additional land and to any portion of the additional land that may be added to the condominium project, state the maximum percentage of the aggregate land and floor area of all units that may be created on it, the use of which will not or may not be restricted exclusively to residential purposes, unless none of the units on the land originally within the project are restricted exclusively to residential use; |
(x) |
state the extent to which any structures erected on any portion of the additional land added to the condominium project will be compatible with structures on the land originally within the project in terms of quality of construction, the principal materials to be used, and architectural style, or that no assurances are made in those regards; |
(xi) |
describe all other improvements that will be made on any portion of the additional land added to the condominium project, including any limitations on what other improvements may be made on the additional land, or state that no assurances are made in that regard; |
(xii) |
contain a statement that any units created on any portion of the additional land added to the condominium project will be substantially identical to the units on the land originally within the project, a statement of any limitations on what types of units may be created on the additional land, or a statement that no assurances are made in that regard; and |
(xiii) |
describe the declarant’s reserved right, if any, to create limited common areas and facilities within any portion of the additional land added to the condominium project, in terms of the types, sizes, and maximum number of limited common areas within each portion, or state that no assurances are made in those regards. |
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(b) |
The condominium plat recorded with the declaration may provide or supplement the information required under Subsections (4)(a)(iv) through (a)(vii) and (a)(x) through (a)(xiii). |
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