707.32 Termination of contracts and leases of developer.

258 words·~1 min read·/wi/chapter-707/707-32

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definition. In this section, “time-share property” does not include a campground.

(1m)Authority of the association. The following contracts or leases relating to the time-share property which are entered into before the developer ceases under s. 707.30

(c)to appoint a majority of the board of directors may be terminated without penalty by the association at any time after the developer ceases to appoint a majority of the board of directors, upon not less than 90 days’ notice to the other party to the contract or lease:

(a)Any management contract, employment contract, or lease of recreational or parking areas or facilities.

(b)Any contract or lease between the managing entity and a developer or an affiliate of a developer.

(c)Any contract or lease that is not bona fide or was unconscionable to the time-share owners when entered into under the circumstances then prevailing.

(2)Applicability to leases. This section does not apply to a lease if termination of the lease would terminate the time-share property or reduce its size, unless the real estate subject to the lease was included in the time-share property for the purpose of avoiding the right to terminate a lease under this section.

(3)Action by time-share owner. If no association is established under s. 707.30

(2), any time-share owner, individually or on behalf of the class of time-share owners, may maintain an action under sub.

(1m)to terminate a contract or lease of the developer relating to the time-share property.