5305 - Termination of contracts and leases of declarant.

     § 5305.  Termination of contracts and leases of declarant.        (a)  General rule.--If entered into before the executive     board elected by the unit owners under section 5303(e) (relating     to executive board members and officers) takes office, any of     the following may be terminated without penalty by the     association at any time after the executive board elected by the     unit owners under section 5303(e) takes office upon not less     than 90 days' notice to the other party:            (1)  Any management contract, employment contract or        lease of recreational or parking areas or facilities.            (2)  Any other contract or lease to which a declarant or        an affiliate of a declarant is a party.            (3)  Any contract or lease that is not bona fide or was        unconscionable to the unit owners at the time entered into        under the circumstances then prevailing.        (b)  Exception.--This section does not apply to any lease the     termination of which would terminate the planned community or     reduce its size unless the real estate subject to that lease was     included in the planned community for the purpose of avoiding     the right of the association to terminate a lease under this     section.        Cross References.  Section 5305 is referred to in section     5402 of this title.