(a) To exercise any development right reserved under G.S. 47C‑2‑105(a)(8),the declarant shall record an amendment to the declaration (G.S. 47C‑2‑117)and comply with G.S. 47C‑2‑109. The declarant is the unit owner ofany units thereby created. The amendment to the declaration must assign anidentifying number to each new unit created and, except in the case ofsubdivision or conversion of units described in subsection (c), reallocate theallocated interests among all units. The amendment must describe any commonelements and any limited common elements thereby created and, in the case oflimited common elements, designate the unit to which each is allocated to theextent required by G.S. 47C‑2‑108 (Limited Common Elements).
(b) Development rights may be reserved within any real estateadded to the condominium if the amendment adding that real estate includes allmatters required by, and is in compliance with, G.S. 47C‑2‑105 and,if a leasehold condominium, G.S. 47C‑2‑106 and also if the platsand plans include all matters required by G.S. 47C‑2‑109. Thisprovision does not extend the limit on the exercise of developmental rightsimposed by the declaration pursuant to G.S. 47C‑2‑105(a)(8).
(c) When a declarant exercises a development right to subdivideor convert a unit previously created into additional units, common elements,or both:
(1) If the declarant converts the unit entirely to commonelements, the amendment to the declaration must reallocate all the allocatedinterests of that unit among the other units as if that unit had been taken byeminent domain; or
(2) If the declarant subdivides the unit into two or moreunits, whether or not any part of the unit is converted into common elements,the amendment to the declaration must reallocate all the allocated interests ofthe unit among the units created by the subdivision in any reasonable mannerprescribed by the declarant.
(d) If the declaration provides pursuant to G.S. 47C‑2‑105(a)(8)that all or a portion of the real estate is subject to the development right ofwithdrawal:
(1) If all the real estate is subject to withdrawal, and thedeclaration does not describe separate portions of real estate subject to thatright, no part of the real estate may be withdrawn after a unit has beenconveyed to a purchaser; and
(2) If a portion or portions are subject to withdrawal, no partof a portion may be withdrawn after a unit in that portion has been conveyed toa purchaser. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
(a) To exercise any development right reserved under G.S. 47C‑2‑105(a)(8),the declarant shall record an amendment to the declaration (G.S. 47C‑2‑117)and comply with G.S. 47C‑2‑109. The declarant is the unit owner ofany units thereby created. The amendment to the declaration must assign anidentifying number to each new unit created and, except in the case ofsubdivision or conversion of units described in subsection (c), reallocate theallocated interests among all units. The amendment must describe any commonelements and any limited common elements thereby created and, in the case oflimited common elements, designate the unit to which each is allocated to theextent required by G.S. 47C‑2‑108 (Limited Common Elements).
(b) Development rights may be reserved within any real estateadded to the condominium if the amendment adding that real estate includes allmatters required by, and is in compliance with, G.S. 47C‑2‑105 and,if a leasehold condominium, G.S. 47C‑2‑106 and also if the platsand plans include all matters required by G.S. 47C‑2‑109. Thisprovision does not extend the limit on the exercise of developmental rightsimposed by the declaration pursuant to G.S. 47C‑2‑105(a)(8).
(c) When a declarant exercises a development right to subdivideor convert a unit previously created into additional units, common elements,or both:
(1) If the declarant converts the unit entirely to commonelements, the amendment to the declaration must reallocate all the allocatedinterests of that unit among the other units as if that unit had been taken byeminent domain; or
(2) If the declarant subdivides the unit into two or moreunits, whether or not any part of the unit is converted into common elements,the amendment to the declaration must reallocate all the allocated interests ofthe unit among the units created by the subdivision in any reasonable mannerprescribed by the declarant.
(d) If the declaration provides pursuant to G.S. 47C‑2‑105(a)(8)that all or a portion of the real estate is subject to the development right ofwithdrawal:
(1) If all the real estate is subject to withdrawal, and thedeclaration does not describe separate portions of real estate subject to thatright, no part of the real estate may be withdrawn after a unit has beenconveyed to a purchaser; and
(2) If a portion or portions are subject to withdrawal, no partof a portion may be withdrawn after a unit in that portion has been conveyed toa purchaser. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
(a) To exercise any development right reserved under G.S. 47C‑2‑105(a)(8),the declarant shall record an amendment to the declaration (G.S. 47C‑2‑117)and comply with G.S. 47C‑2‑109. The declarant is the unit owner ofany units thereby created. The amendment to the declaration must assign anidentifying number to each new unit created and, except in the case ofsubdivision or conversion of units described in subsection (c), reallocate theallocated interests among all units. The amendment must describe any commonelements and any limited common elements thereby created and, in the case oflimited common elements, designate the unit to which each is allocated to theextent required by G.S. 47C‑2‑108 (Limited Common Elements).
(b) Development rights may be reserved within any real estateadded to the condominium if the amendment adding that real estate includes allmatters required by, and is in compliance with, G.S. 47C‑2‑105 and,if a leasehold condominium, G.S. 47C‑2‑106 and also if the platsand plans include all matters required by G.S. 47C‑2‑109. Thisprovision does not extend the limit on the exercise of developmental rightsimposed by the declaration pursuant to G.S. 47C‑2‑105(a)(8).
(c) When a declarant exercises a development right to subdivideor convert a unit previously created into additional units, common elements,or both:
(1) If the declarant converts the unit entirely to commonelements, the amendment to the declaration must reallocate all the allocatedinterests of that unit among the other units as if that unit had been taken byeminent domain; or
(2) If the declarant subdivides the unit into two or moreunits, whether or not any part of the unit is converted into common elements,the amendment to the declaration must reallocate all the allocated interests ofthe unit among the units created by the subdivision in any reasonable mannerprescribed by the declarant.
(d) If the declaration provides pursuant to G.S. 47C‑2‑105(a)(8)that all or a portion of the real estate is subject to the development right ofwithdrawal:
(1) If all the real estate is subject to withdrawal, and thedeclaration does not describe separate portions of real estate subject to thatright, no part of the real estate may be withdrawn after a unit has beenconveyed to a purchaser; and
(2) If a portion or portions are subject to withdrawal, no partof a portion may be withdrawn after a unit in that portion has been conveyed toa purchaser. (1985 (Reg. Sess.,1986), c. 877, s. 1.)
