Vermont § 2-110 - Exercise of development rights

§ 2-110. Exercise of development rights

• (a) To exercise any development right reserved under subdivision 2-105(a)(8) of this title, the declarant shall prepare, execute, and record an amendment to the declaration
  pursuant to section 2-117 of this title and in a condominium or planned community comply with section 2-109 of this title. The declarant is the unit owner of any units created. The amendment to the declaration
  shall assign an identifying number to each new unit created and, except in the case
  of subdivision or conversion of units described in subsection (b) of this section,
  reallocate the allocated interests among all units. The amendment shall include a
  description of any common elements and any limited common elements thereby created
  and, in the case of limited common elements, designate the unit to which each is allocated
  to the extent required by section 2-108 of this title. (b) Development rights may be reserved within any real estate added to the common interest
  community if the amendment adding that real estate includes all matters required by
  section 2-105 or 2-106 of this title and the plats and plans include all matters required by section 2-109 of this title. This provision does not extend the time limit on the exercise of development rights
  imposed by the declaration pursuant to subdivision 2-105(a)(8) of this title. (c) Whenever a declarant exercises a development right to subdivide or convert a unit
  previously created into additional units, common elements, or both: (1) if the declarant converts the unit entirely to common elements, the amendment to the
  declaration shall reallocate all the allocated interests of that unit among the other
  units as if that unit had been taken by eminent domain; and (2) if the declarant subdivides the unit into two or more units, whether or not any part
  of the unit is converted into common elements, the amendment to the declaration must
  reallocate all the allocated interests of the unit among the units created by the
  subdivision in any reasonable manner prescribed by the declarant. (d) If the declaration provides, pursuant to subdivision 2-105(a)(8) of this title, that all or a portion of the real estate is subject to the development right of
  withdrawal: (1) if all the real estate is subject to withdrawal, and the declaration does not describe
  separate portions of real estate subject to that right, none of the real estate may
  be withdrawn after a unit has been conveyed to a purchaser; and (2) if a portion or portions are subject to withdrawal, no portion may be withdrawn after
  a unit in that portion has been conveyed to a purchaser. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)