§ 34-36.1-4.04 Public offering statement– Condominiums subject to development rights. – If the declaration provides that a condominium is subject to any developmentrights, the public offering statement must disclose, in addition to theinformation required by § 34-36.1-4.03:
(1) The maximum number of units, and the maximum number ofunits per acre, that may be created;
(2) A statement of how many or what percentage of the unitswhich may be created will be restricted exclusively to residential use, or astatement that no representations are made regarding use restrictions;
(3) If any of the units that may be build 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 rightsreserved by a declarant and of any conditions relating to or limitations uponthe exercise of development rights;
(5) A statement of the maximum extent to which each unit'sallocated interests may be changed by the exercise of any development rightdescribed in subdivision (3);
(6) A statement of the extent to which any buildings or otherimprovements that may be erected pursuant to any development right in any partof the condominium will be compatible with existing buildings and improvementsin the condominium in terms of architectural style, quality of construction,and size, or a statement that no assurances are made in those regards;
(7) General descriptions of all other improvements that maybe made and limited common elements that may be created within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(8) A statement of any limitations as to the locations of anybuilding or other improvement that may be made within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(9) A statement that any limited common elements createdpursuant to any development right reserved by the declarant will be of the samegeneral types and sizes as the limited common elements within other parts ofthe condominium, or a statement of the types and sizes planned, or a statementthat no assurances are made in that regard;
(10) A statement that the proportion of limited commonelements to units created pursuant to any development right reserved by thedeclarant will be approximately equal to the proportion existing within otherparts of the condominium, or a statement of any other assurances in thatregard, or a statement that no assurances are made 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 reserved by the declarant, or astatement of any differentiations that may be made as to those units, or astatement that no assurances 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.
§ 34-36.1-4.04 Public offering statement– Condominiums subject to development rights. – If the declaration provides that a condominium is subject to any developmentrights, the public offering statement must disclose, in addition to theinformation required by § 34-36.1-4.03:
(1) The maximum number of units, and the maximum number ofunits per acre, that may be created;
(2) A statement of how many or what percentage of the unitswhich may be created will be restricted exclusively to residential use, or astatement that no representations are made regarding use restrictions;
(3) If any of the units that may be build 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 rightsreserved by a declarant and of any conditions relating to or limitations uponthe exercise of development rights;
(5) A statement of the maximum extent to which each unit'sallocated interests may be changed by the exercise of any development rightdescribed in subdivision (3);
(6) A statement of the extent to which any buildings or otherimprovements that may be erected pursuant to any development right in any partof the condominium will be compatible with existing buildings and improvementsin the condominium in terms of architectural style, quality of construction,and size, or a statement that no assurances are made in those regards;
(7) General descriptions of all other improvements that maybe made and limited common elements that may be created within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(8) A statement of any limitations as to the locations of anybuilding or other improvement that may be made within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(9) A statement that any limited common elements createdpursuant to any development right reserved by the declarant will be of the samegeneral types and sizes as the limited common elements within other parts ofthe condominium, or a statement of the types and sizes planned, or a statementthat no assurances are made in that regard;
(10) A statement that the proportion of limited commonelements to units created pursuant to any development right reserved by thedeclarant will be approximately equal to the proportion existing within otherparts of the condominium, or a statement of any other assurances in thatregard, or a statement that no assurances are made 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 reserved by the declarant, or astatement of any differentiations that may be made as to those units, or astatement that no assurances 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.
§ 34-36.1-4.04 Public offering statement– Condominiums subject to development rights. – If the declaration provides that a condominium is subject to any developmentrights, the public offering statement must disclose, in addition to theinformation required by § 34-36.1-4.03:
(1) The maximum number of units, and the maximum number ofunits per acre, that may be created;
(2) A statement of how many or what percentage of the unitswhich may be created will be restricted exclusively to residential use, or astatement that no representations are made regarding use restrictions;
(3) If any of the units that may be build 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 rightsreserved by a declarant and of any conditions relating to or limitations uponthe exercise of development rights;
(5) A statement of the maximum extent to which each unit'sallocated interests may be changed by the exercise of any development rightdescribed in subdivision (3);
(6) A statement of the extent to which any buildings or otherimprovements that may be erected pursuant to any development right in any partof the condominium will be compatible with existing buildings and improvementsin the condominium in terms of architectural style, quality of construction,and size, or a statement that no assurances are made in those regards;
(7) General descriptions of all other improvements that maybe made and limited common elements that may be created within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(8) A statement of any limitations as to the locations of anybuilding or other improvement that may be made within any part of thecondominium pursuant to any development right reserved by the declarant, or astatement that no assurances are made in that regard;
(9) A statement that any limited common elements createdpursuant to any development right reserved by the declarant will be of the samegeneral types and sizes as the limited common elements within other parts ofthe condominium, or a statement of the types and sizes planned, or a statementthat no assurances are made in that regard;
(10) A statement that the proportion of limited commonelements to units created pursuant to any development right reserved by thedeclarant will be approximately equal to the proportion existing within otherparts of the condominium, or a statement of any other assurances in thatregard, or a statement that no assurances are made 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 reserved by the declarant, or astatement of any differentiations that may be made as to those units, or astatement that no assurances 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.
