356-B:24 Conversion of Convertible Spaces. –
I. The declarant may convert all or any portion of any convertible space into one or more units or common areas, or both, including, without limitation, limited common areas, subject to any restrictions and limitations which the condominium instruments may specify. Any such conversion shall be deemed to have occurred at the time of the recordation of appropriate instruments pursuant to paragraph II and RSA 356-B:20, IV.
II. Simultaneously with the recording of site plans and floor plans pursuant to RSA 356-B:20, IV, the declarant shall prepare, execute, and record an amendment to the declaration describing the conversion. Such amendment shall assign an identifying number to each unit formed out of a convertible space and shall allocate to each unit a portion of the undivided interest in the common areas appertaining to that space. Such amendment shall describe or delineate the limited common areas formed out of the convertible space, showing or designating the unit or units to which each is assigned.
III. If all or any portion of any convertible space is converted into one or more units in accordance with this section, the declarant shall prepare and execute, and record simultaneously with the amendment to the declaration, an amendment to the bylaws. The amendment to the bylaws shall reallocate votes in the unit owners' association, rights to future common profits, and liabilities for future common expenses not specially assessed, all as in the case of the subdivision of a unit in accordance with RSA 356-B:32, IV.
IV. Any convertible space not converted in accordance with the provisions of this section, or any portion or portions thereof not so converted, shall be treated for all purposes as a single unit until and unless it is so converted, and the provisions of this chapter shall be deemed applicable to any such space, or portion or portions thereof, as though the same were a unit.
V. Until the expiration of the period during which conversion may occur or until actual conversion, whichever occurs first, real estate taxes relative to convertible space shall be assessed against the declarant rather than the unit owners when such space is utilized only for the benefit of the declarant. No such conversion shall occur after 5 years from the recordation of the declaration, or such shorter period of time period as the declaration may specify, provided, however, that the time limit contained in the declaration may be extended by not more than 5 years by an amendment to the declaration adopted pursuant to RSA 356-B:54, V.