Sec. 2. (a) If a condominium is an expandable condominium, the declaration shall contain, in addition to the matters specified in section 1 of this chapter:

(1) a general plan of development showing:

(A) the property subject to the condominium;

(B) areas into which expansion may be made; and

(C) the maximum number of condominium units in additional phases that may be added;

(2) a schedule or formula for determining the percentage of undivided interests in the common areas and facilities that will appertain to each condominium unit as each additional phase is added; and

(3) a time limit, not exceeding ten (10) years, within which the phase or phases may be added to the condominium.

     (b) If additional phases are not developed within five (5) years after the recordation of the declaration, the development of additional phases is not considered to be part of:

(1) a common scheme; and

(2) development of the entire condominium.

[Pre-2002 Recodification Citation: 32-1-6-12.1.]

As added by P.L.2-2002, SEC.10.