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504B.151 Restriction on residential lease terms for buildings in financial distress.

Once a landlord has received notice of a contract for deed cancellation under section 559.21 or notice of a mortgage foreclosure sale under chapter 580 or 582, the landlord may enter into a periodic residential lease agreement with a term of two months or less or a fixed term residential tenancy not extending beyond the cancellation period or the landlord's period of redemption until:

(1) the contract for deed has been reinstated or paid in full;

(2) the mortgage default has been cured and the mortgage reinstated;

(3) the mortgage has been satisfied;

(4) the property has been redeemed from a foreclosure sale; or

(5) a receiver has been appointed.

This section does not apply to a manufactured home park as defined in section 327C.01, subdivision 5.

HIST: 1999 c 199 art 1 s 11