Sec. 47-225. Leasehold common interest communities.
Sec. 47-225. Leasehold common interest communities. (a) Any lease the expiration or termination of which may terminate the common interest community or reduce
its size, or a memorandum thereof, shall be recorded. Every lessor of those leases in a
condominium or planned community shall sign the declaration. The declaration shall
state: (1) The recording data for the lease or a statement of where the complete lease
may be inspected; (2) the date on which the lease is scheduled to expire; (3) a legally
sufficient description of the real property subject to the lease; (4) any rights of the unit
owners to redeem the reversion and the manner whereby those rights may be exercised,
or a statement that they do not have those rights; (5) any rights of the unit owners to
remove any improvements within a reasonable time after the expiration or termination
of the lease, or a statement that they do not have those rights; and (6) any rights of the
unit owners to renew the lease and the conditions of any renewal, or a statement that
they do not have those rights.
(b) After the declaration for a leasehold condominium or leasehold planned community is recorded, neither the lessor nor the lessor's successor in interest may terminate
the leasehold interest of a unit owner who makes timely payment of a unit owner's share
of the rent and otherwise complies with all covenants which, if violated, would entitle
the lessor to terminate the lease. A unit owner's leasehold interest in a condominium
or planned community is not affected by failure of any other person to pay rent or fulfill
any other covenant.
(c) Acquisition of the leasehold interest of any unit owner by the owner of the
reversion or remainder does not merge the leasehold and reversionary or remainder
interests unless the leasehold interests of all unit owners subject to that reversion or
remainder are acquired.
(d) If the expiration or termination of a lease decreases the number of units in a
common interest community, the allocated interests shall be reallocated in accordance
with subsection (a) of section 47-206 as if those units had been taken by eminent domain.
Reallocations shall be confirmed by an amendment to the declaration prepared, executed
and recorded by the association.
(P.A. 83-474, S. 26, 96.)