§ 47C‑4‑104. Same; condominiums subject to developmental rights.
If the declaration provides that a condominium is subject to anydevelopment rights reserved by the declarant, the public offering statementshall disclose, in addition to the information required by G.S. 47C‑4‑103:
(1) The maximum number of units, and the maximum number of unitsper acre, that may be created;
(2) How many or what percentage of the units which may becreated will be restricted exclusively to residential use, or a statement thatno representations are made regarding use restrictions;
(3) If any of the units that may be built within real estatesubject to development rights are not to be restricted exclusively toresidential use, a statement, with respect to each portion of that real estate,of the maximum percentage of the real estate areas and the maximum percentageof the floor areas of all units that may be created therein that are notrestricted exclusively to residential use;
(4) A brief narrative description of any development rights andof any conditions relating to or limitations upon the exercise of developmentrights;
(5) The maximum extent to which each unit's allocated interestsmay be changed by the exercise of any development right;
(6) The extent to which any buildings or other improvements thatmay be erected pursuant to any development right in any part of the condominiumwill be compatible with existing buildings and improvements in the condominiumin terms of architectural style, quality of construction, and size, or astatement that no assurances are made in those regards;
(7) General descriptions of all other improvements that may bemade and limited common elements that may be created within any part of thecondominium pursuant to any development right, or a statement that noassurances are made in that regard;
(8) Any limitations as to the locations of any building orother improvement that may be made within any part of the condominium pursuantto any development right, or a statement that no assurances are made in thatregard;
(9) A statement that any limited common elements createdpursuant to any development right will be of the same general types and sizesas the limited common elements within other parts of the condominium, or astatement of the types and sizes planned, or a statement that no assurances aremade in that regard;
(10) A statement that the proportion of limited common elements tounits created pursuant to any development right will be approximately equal tothe proportion existing within other parts of the condominium, or a statementof any other assurances in that regard, or a statement that no assurances aremade in that regard;
(11) A statement that all restrictions in the declarationaffecting use, occupancy, and alienation of units will apply to any unitscreated pursuant to any development right, or a statement of anydifferentiations that may be made as to those units, or a statement that noassurances are made in that regard; and
(12) A statement of the extent to which any assurances madepursuant to this section apply or do not apply in the event that anydevelopment right is not exercised by the declarant. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
§ 47C‑4‑104. Same; condominiums subject to developmental rights.
If the declaration provides that a condominium is subject to anydevelopment rights reserved by the declarant, the public offering statementshall disclose, in addition to the information required by G.S. 47C‑4‑103:
(1) The maximum number of units, and the maximum number of unitsper acre, that may be created;
(2) How many or what percentage of the units which may becreated will be restricted exclusively to residential use, or a statement thatno representations are made regarding use restrictions;
(3) If any of the units that may be built within real estatesubject to development rights are not to be restricted exclusively toresidential use, a statement, with respect to each portion of that real estate,of the maximum percentage of the real estate areas and the maximum percentageof the floor areas of all units that may be created therein that are notrestricted exclusively to residential use;
(4) A brief narrative description of any development rights andof any conditions relating to or limitations upon the exercise of developmentrights;
(5) The maximum extent to which each unit's allocated interestsmay be changed by the exercise of any development right;
(6) The extent to which any buildings or other improvements thatmay be erected pursuant to any development right in any part of the condominiumwill be compatible with existing buildings and improvements in the condominiumin terms of architectural style, quality of construction, and size, or astatement that no assurances are made in those regards;
(7) General descriptions of all other improvements that may bemade and limited common elements that may be created within any part of thecondominium pursuant to any development right, or a statement that noassurances are made in that regard;
(8) Any limitations as to the locations of any building orother improvement that may be made within any part of the condominium pursuantto any development right, or a statement that no assurances are made in thatregard;
(9) A statement that any limited common elements createdpursuant to any development right will be of the same general types and sizesas the limited common elements within other parts of the condominium, or astatement of the types and sizes planned, or a statement that no assurances aremade in that regard;
(10) A statement that the proportion of limited common elements tounits created pursuant to any development right will be approximately equal tothe proportion existing within other parts of the condominium, or a statementof any other assurances in that regard, or a statement that no assurances aremade in that regard;
(11) A statement that all restrictions in the declarationaffecting use, occupancy, and alienation of units will apply to any unitscreated pursuant to any development right, or a statement of anydifferentiations that may be made as to those units, or a statement that noassurances are made in that regard; and
(12) A statement of the extent to which any assurances madepursuant to this section apply or do not apply in the event that anydevelopment right is not exercised by the declarant. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
§ 47C‑4‑104. Same; condominiums subject to developmental rights.
If the declaration provides that a condominium is subject to anydevelopment rights reserved by the declarant, the public offering statementshall disclose, in addition to the information required by G.S. 47C‑4‑103:
(1) The maximum number of units, and the maximum number of unitsper acre, that may be created;
(2) How many or what percentage of the units which may becreated will be restricted exclusively to residential use, or a statement thatno representations are made regarding use restrictions;
(3) If any of the units that may be built within real estatesubject to development rights are not to be restricted exclusively toresidential use, a statement, with respect to each portion of that real estate,of the maximum percentage of the real estate areas and the maximum percentageof the floor areas of all units that may be created therein that are notrestricted exclusively to residential use;
(4) A brief narrative description of any development rights andof any conditions relating to or limitations upon the exercise of developmentrights;
(5) The maximum extent to which each unit's allocated interestsmay be changed by the exercise of any development right;
(6) The extent to which any buildings or other improvements thatmay be erected pursuant to any development right in any part of the condominiumwill be compatible with existing buildings and improvements in the condominiumin terms of architectural style, quality of construction, and size, or astatement that no assurances are made in those regards;
(7) General descriptions of all other improvements that may bemade and limited common elements that may be created within any part of thecondominium pursuant to any development right, or a statement that noassurances are made in that regard;
(8) Any limitations as to the locations of any building orother improvement that may be made within any part of the condominium pursuantto any development right, or a statement that no assurances are made in thatregard;
(9) A statement that any limited common elements createdpursuant to any development right will be of the same general types and sizesas the limited common elements within other parts of the condominium, or astatement of the types and sizes planned, or a statement that no assurances aremade in that regard;
(10) A statement that the proportion of limited common elements tounits created pursuant to any development right will be approximately equal tothe proportion existing within other parts of the condominium, or a statementof any other assurances in that regard, or a statement that no assurances aremade in that regard;
(11) A statement that all restrictions in the declarationaffecting use, occupancy, and alienation of units will apply to any unitscreated pursuant to any development right, or a statement of anydifferentiations that may be made as to those units, or a statement that noassurances are made in that regard; and
(12) A statement of the extent to which any assurances madepursuant to this section apply or do not apply in the event that anydevelopment right is not exercised by the declarant. (1985 (Reg. Sess., 1986), c. 877, s. 1.)
