Sec. 7. The declaration must contain a provision allowing the co-owners to amend the declaration at any time, from time to time, subject to the following:
(1) The declarant's consent to an amendment may be required if:
(A) the declarant owns one (1) or more units within the condominium; and
(B) not more than seven (7) years have passed since the original declaration was first recorded.
(2) The consent of the co-owners to the amendment has been obtained as evidenced by either of the following:
(A) The vote of the co-owners at a meeting called for the purpose of considering the amendment.
(B) A written instrument signed by the co-owners.
The declaration may not require that the consent of more than seventy-five percent (75%) of the co-owners is required for consent under this subdivision.
(3) If the consent of first mortgage holders is required, only first mortgage holders that provide an address to the secretary of the board must be notified. The consent of a first mortgage holder must be indicated in a written instrument signed by the mortgage holder. However, a mortgage holder is considered to have consented to a proposed amendment if the mortgage holder does not respond to a written request for consent within thirty (30) days after the mortgage holder receives the request. The governing documents may not require that the consent of more than seventy-five percent (75%) of first mortgage holders eligible to receive notice is required for consent under this subdivision.
(4) Notwithstanding subdivisions (1) through (3), the declaration may require the approval of at least ninety-five percent (95%) of the co-owners to convey common areas or to dissolve the condominium.
As added by P.L.141-2015, SEC.2. Amended by P.L.164-2016, SEC.1.
Structure Indiana Code