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sufficient description of all withdrawable land; (6) a statement as to whether portions of the withdrawable land may be withdrawn from the condominium at different times; and (7) a statement of any limitations: (A) fixing the boundaries of portions of the withdrawable land; or (B) regulating the order in which the portions may be withdrawn.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.]
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