Conversion and Expansion of Flexible Condominiums

Conversion and Expansion of Flexible Condominiums. (a) To convert convertible real estate or add additional real estate pursuant to an option reserved under 2 CMC § 6206(a), the declarant shall prepare, execute and record an amendment to the declaration (2 CMC § 6219) and comply with 2 CMC § 6210. The declarant is the unit owner of any units thereby created. The amendment to the declaration must assign an identifying number to each unit formed in the convertible or additional real estate, and reallocate common element interests, votes in the association, and common expense liabilities. The amendment must describe or delineate any limited common elements formed out of the convertible or additional real estate, showing or designating the unit to which each is allocated to the extent required by 2 CMC § 6209 (Limited Common Elements). (b) Convertible or withdrawable real estate may be created within any additional real estate added to the condominium if the amendment adding that real estate includes all matters required by 2 CMC §§ 6205 or 6206, as the case may be, and the plat includes all matters required by 2 CMC § 6210(b). This provision does not extend the time limit on conversion or contraction of a flexible condominium imposed by the declaration pursuant to 2 CMC § 6206(b). (c) Until conversion occurs or the period during which conversion may occur expires, whichever occurs first, the declarant alone is liable for real estate taxes assessed against convertible real estate and all other expenses in connection with that real estate. No other unit owner and no other portion of the condominium is subject to a claim for payment of those taxes or expenses. Unless the declaration provides otherwise, any income or proceeds from convertible real estate inures to the declarant. Source: PL 3-86, § 2-111.