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Minnesota Legislature

Office of the Revisor of Statutes

515B.3-105 Termination of declarant's contracts, leases.

If entered into prior to expiration of the period of declarant control pursuant to section 515B.3-103, (i) any management contract, employment contract, or lease of recreational facilities, units, garages or other parking facilities, (ii) any contract, lease or license binding the association to which a declarant or an affiliate of a declarant is a party, or (iii) any contract, lease or license binding the association or any unit owner other than the declarant or an affiliate of the declarant which is not bona fide or which was unconscionable to the unit owners at the time entered into under the circumstances then prevailing, may be terminated without penalty by the association at any time after the expiration of declarant control upon not less than 90 days' notice to the other party. If, during the suspension period described in section 515B.2-121, subsection (c), paragraph (3), a contract, lease, or license of a type described in this section is entered into and is binding upon a master association, then the master association, and not any association, may terminate the contract, lease, or license under the procedures in this section. This section does not apply to (i) any lease the termination of which would terminate the common interest community, (ii) a proprietary lease, or (iii) in the case of a cooperative, a mortgage or contract for deed encumbering all real estate constituting the common interest community.

HIST: 1993 c 222 art 3 s 5; 1999 c 11 art 2 s 18; 2000 c 260 s 75