§ 34-36.1-2.06 - Leasehold condominiums.
SECTION 34-36.1-2.06
§ 34-36.1-2.06 Leasehold condominiums.– (a) Any lease the expiration or termination of which may terminate thecondominium or reduce its size, or a memorandum thereof, shall be recorded.Every lessor of those leases must sign the declaration, and the declarationshall state:
(1) The recording data for the lease (or a statement of wherethe complete lease may be inspected);
(2) The date on which the lease is scheduled to expire;
(3) A legally sufficient description of the real estatesubject to the lease;
(4) Any right of the unit owners to redeem the reversion andthe manner whereby those rights may be exercised, or a statement that they donot have those rights;
(5) Any right of the unit owners to remove any improvementswithin a reasonable time after the expiration or termination of the lease, or astatement that they do not have those rights;
(6) Any rights of the unit owners to renew the lease and theconditions of any renewal, or a statement that they do not have those rights;and
(7) Any housing restriction as set forth in § 34-39.1-3,and the details thereof.
(b) After the declaration for a leasehold condominium isrecorded, neither the lessor nor his or her successor in interest may terminatethe leasehold interest of a unit owner who makes timely payment of his or hershare of the rent and otherwise complies with all covenants which, if violated,would entitle the lessor to terminate the lease. A unit owner's leaseholdinterest is not affected by failure of any other person to pay rent or fulfillany other covenant.
(c) Acquisition of the leasehold interest of any unit ownerby the owner of the reversion or remainder does not merge the leasehold and feesimple interests unless the leasehold interests of all unit owners subject tothat reversion or remainder are acquired.
(d) If the expiration or termination of a lease decreases thenumber of units in a condominium, the allocated interests shall be reallocatedin accordance with § 34-36-7(a) as though those units had been taken byeminent domain. Reallocations shall be confirmed by an amendment to thedeclaration prepared, executed, and recorded by the association.