Sec. 3. 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(6) a statement as to whether portions of the withdrawable land may be withdrawn from the condominium at different times; and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(B) regulating the order in which the portions may be withdrawn.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.