Sec. 14. (a) Subject to:
(1) the declaration;
(2) condominium instruments; and
(3) this chapter;
a declarant may withdraw withdrawable land from a contractable condominium unless the withdrawal is prohibited by subsection (c). The contraction is effective when the instruments required by subsection (b) are recorded.
(b) In contracting the condominium, the declarant shall prepare, execute, and record an amendment to the declaration and condominium instruments:
(1) containing a legally sufficient description of the land being withdrawn; and
(2) stating the fact of withdrawal.
(c) If a portion of the withdrawable land was described under IC 32-25-7-3(6) and IC 32-25-7-3(7), that portion may not be withdrawn if any person other than the declarant owns a condominium unit situated on that portion of the withdrawable land. If that portion of the withdrawable land was not described under IC 32-25-7-3(6) and IC 32-25-7-3(7), none of the withdrawable land may be withdrawn if any person other than the declarant owns a condominium unit situated on that portion of the withdrawable land.
[Pre-2002 Recodification Citation: 32-1-6-15.3.]
As added by P.L.2-2002, SEC.10.
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