Indiana Code 32-25-7-3. Contractable condominiums; contents of declaration
(1) an explicit reservation of an option to contract the condominium;
Terms Used In Indiana Code 32-25-7-3
- Contract: A legal written agreement that becomes binding when signed.
(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(6) a statement as to whether portions of the withdrawable land may be withdrawn from the condominium at different times; and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(B) regulating the order in which the portions may be withdrawn.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.