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resources / Statutes / Condominiums / §33-1245

Title 33 – Property

Chapter 9 – Condominiums

Article 3 – Management of the Condominium

  • A. A contract for any of the following, if entered into before the board of directors elected by the unit owners pursuant to section 33-1243, subsection G takes office, shall contain a provision in the contract that the contract may be terminated without penalty by the association at any time after the board of directors elected by the unit owners takes office:
    • 1. Any management contract or employment contract.
    • 2. Any other contract or lease between the association and a declarant or an affiliate of a declarant.
    • 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. The board of directors shall notify the appropriate contractual party of the termination at least thirty days before termination.
  • C. This section does not apply to any lease if the termination of the lease would terminate the condominium or reduce its size.
  • D. If a contract covered by this section fails to contain the provisions required by subsection A of this section, the contract is voidable at the option of the association.
  • E. This section does not apply to timeshare plans or associations that are subject to chapter 20 of this title.