2001 Minnesota 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 
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