Title 44, Chapter 3, Section 81
( 44-3-81)
(a) Interests in the common elements shall not be allocated to any units to be created within any additional property until plats or plans depicting the same are recorded pursuant to subsection (c) of Code Section 44-3-83. Upon the submission of any additional property, the declarant shall execute and record an amendment to the declaration reallocating undivided interests in the common elements, votes in the association, and liabilities for common expenses in the manner provided in the declaration. (b) If all of a convertible space is converted into common elements,
including, without limitation, limited common elements, the
undivided interest in the common elements pertaining to such
convertible space shall then pertain to the remaining units and
shall be allocated among them in proportion to their undivided
interests in the common elements. In the case of the conversion of
all or any portion of any convertible space into one or more units
or common elements, including, without limitation, limited common
elements, the undivided interests in the common elements, the votes
in the association, and the liability for common expenses shall be
reallocated in the manner provided in the declaration. The declarant
shall immediately prepare, execute, and record an amendment to the
declaration effecting the reallocation of undivided interests
produced thereby. (c) In the case of a leasehold condominium, upon the expiration or
termination of any leasehold or estate for years with respect to any
land upon or within which any unit exists, every such unit together
with all common elements located upon or within such leasehold or
estate for years shall be deemed to have been withdrawn from the
condominium unless the declaration provides for the termination of
the condominium in such event. The undivided interest in the common
elements pertaining to any unit thereby withdrawn from the
condominium shall then pertain to the remaining units and shall be
allocated among them in proportion to their undivided interests in
the common elements. The association shall immediately prepare,
execute, and record an amendment to the declaration effecting the
reallocation of undivided interests produced thereby. In the case of
the reduction of a condominium on account of the expiration or
termination of a leasehold or estate for years, all votes
attributable to any unit located upon such property immediately
prior to such reduction shall thereby be eliminated; in addition,
the liability for common expenses pertaining to any such unit shall
be allocated to the remaining units in proportion to their relative
liabilities for common expenses. |