§ 34-36.1-3.05 - Termination of contracts and leases of declarant.
SECTION 34-36.1-3.05
§ 34-36.1-3.05 Termination of contractsand leases of declarant. – If entered into before the executive board elected by the unit owners pursuantto § 34-36.1-3.03(f) takes office, (1) any management contract, employmentcontract, or lease of recreational or parking areas or facilities, (2) anyother contract or lease between the association and a declarant or an affiliateof a declarant, or (3) any contract or lease that is not bona fide or wasunconscionable to the unit owners at the time entered into under thecircumstances then prevailing, may be terminated without penalty by theassociation at any time after the executive board elected by the unit ownerspursuant to § 34-36.1-3.03(f) takes office upon not less than ninety (90)days' notice to the other party. This section does not apply to any lease thetermination of which would terminate the condominium or reduce its size, unlessthe real estate subject to that lease was included in the condominium for thepurpose of avoiding the right of the association to terminate a lease underthis section.