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.