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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