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
.
History: 1999 c 199 art 1 s 11