57-8-13.2. Conversion of convertible land -- Amendment
to declaration -- Limitations.
(1) The declarant may convert all or any portion of any
convertible land into one or more units or limited common areas and facilities
subject to any restrictions and limitations which the declaration may specify.
Any such conversion shall be deemed to have occurred at the time of the
recordation of the appropriate instruments under Subsection (2) of this section
and Subsection 57-8-13(2).
(2) Simultaneously with the recording of the condominium
plat pursuant to Subsection 57-8-13(2), the declarant shall prepare, execute,
and record an amendment to the declaration describing the conversion. The
amendment shall assign an identifying number to each unit formed out of a
convertible land and shall reallocate undivided interests in the common areas
and facilities in accordance with Subsection 57-8-13.10(2). The amendment shall
describe or delineate the limited common areas and facilities formed out of the
convertible land, showing or designating the unit or units to which each is
assigned.
(3) All convertible lands shall be deemed part of the common
areas and facilities except for such portions of them as are converted in
accordance with this section. No such conversions shall occur after five years
from the recordation of the declaration, or such shorter period of time as the
declaration may specify, unless three-fourths of unit owners vote in favor of
converting the land after the time period has expired.