Section 47-7B-6 - Leasehold condominiums.
47-7B-6. Leasehold condominiums.
A. With respect to any condominium created on a leasehold estate, the declaration shall state:
(1) the recording data for the lease, or a copy of the lease shall be attached as an exhibit;
(2) the date on which the lease is scheduled to expire;
(3) a legally sufficient description of the real estate subject to the lease;
(4) any right 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 right 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. Acquisition of the leasehold interest of any unit owner by the owner of the reversion or remainder does not merge the leasehold and fee simple interests.
C. If the expiration or termination of a lease decreases the number of units in a condominium, the allocated interests shall be reallocated in accordance with Subsection A of Section 6 [47-7A-7 NMSA 1978] of the Condominium Act as though 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.