2021 Kentucky Revised Statutes Chapter 381 - Title to property and restrictions on use, ownership, and alienation 381.9143 Exercise of development rights.
Download as PDF
381.9143 Exercise of development rights.
(1)
(2)
(3)
(4)
To exercise any development right reserved under KRS 381.9133(1)(h), the
declarant shall prepare, execute, and record an amendment to the declaration and
comply with KRS 381.9141. The declarant is the unit owner of any units thereby
created. The amendment to the declaration shall assign an identifying number to
each new unit created, and, except in the case of subdivision or conversion of units
described in subsection (3) of this section, reallocate the allocated interests among
all units. The amendment shall 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 KRS
381.9139.
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 KRS 381.9133 or 381.9135, as the case may be, and the plats and plans include
all matters required by KRS 381.9141. This provision does not extend the time limit
on the exercise of development rights imposed by the declaration under KRS
381.9133(1)(h).
If a declarant exercises a development right to subdivide or convert a unit
previously created into additional units, common elements, or both, the declaration
shall be amended as follows:
(a) If the declarant converts the unit entirely to common elements, the amendment
to the declaration shall reallocate all the allocated interests of that unit among
the other units as if that unit had been taken by eminent domain; or
(b) 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 shall reallocate all the allocated interests of the unit among the
units created by the subdivision in any reasonable manner prescribed by the
declarant.
If the declaration provides, pursuant to KRS 381.9133(1)(h), that all or a portion of
the real estate is subject to the development right of withdrawal, then the following
shall apply:
(a) 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estate may be withdrawn after a unit has been conveyed to a purchaser without
the written consent of all unit owners owning units within the real estate; and
(b) 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
without the written consent of all unit owners owning units within that
portion.
Effective: January 1, 2011
History: Created 2010 Ky. Acts ch. 97, sec. 22, effective January 1, 2011.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.