Sec. 47-247. Termination of contracts and leases.
186 words·~1 min read·
/ct/title-47/chapter-828-common-interest-ownership-act/47-247·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Except in the case of nonresidential common interest communities as provided in section 47-215 , if entered into before the executive board elected by the unit owners pursuant to subsection
(f)of section 47-245 takes office, the association may terminate without penalty upon not less than ninety days' notice to the other party any of the following:
(1)Any management, maintenance, operations or employment contract or lease of recreational or parking areas or facilities; or
(2)any other contract or lease between the association and a declarant or an affiliate of a declarant; or
(3)any contract or lease that is not bona fide or was unconscionable or commercially unreasonable to the unit owners at the time entered into under the circumstances then prevailing.
(b)This section does not apply to:
(1)Any lease the termination of which would terminate the common interest community or reduce its size, unless the real property subject to that lease was included in the common interest community for the purpose of avoiding the right of the association to terminate a lease under this section, or
(2)a proprietary lease.