448.2-106. Leasehold condominiums.
Leasehold condominiums.
448.2-106. 1. Any lease, the expiration or termination ofwhich may terminate the condominium or reduce its size, shall berecorded. Every lessor of such leases shall sign thedeclaration, and the declaration shall state:
(1) The recording data for the lease;
(2) The date on which the lease is scheduled to expire;
(3) A legally sufficient description of the real estatesubject to the lease;
(4) Any right of the unit owners to redeem the reversion andthe manner whereby those rights may be exercised, or a statementthat they do not have those rights;
(5) Any right of the unit owners to remove any improvementswithin a reasonable time after the expiration or termination ofthe lease, or a statement that they do not have those rights; and
(6) Any rights of the unit owners to renew the lease and theconditions of any renewal, or a statement that they do not havethose rights.
2. After the declaration for a leasehold condominium isrecorded, neither the lessor nor his successor in interest shallterminate the leasehold interest of a unit owner who makes timelypayment of his share of the rent and otherwise complies with allcovenants which, if violated, would entitle the lessor toterminate the lease. A unit owner's leasehold interest is notaffected by failure of any other person to pay rent or fulfillany other covenant.
3. Acquisition of the leasehold interest of any unit ownerby the owner of the reversion or remainder does not merge theleasehold and fee simple interests unless the leasehold interestsof all unit owners subject to that reversion or remainder areacquired.
4. If the expiration or termination of a lease decreases thenumber of units in a condominium, the allocated interests shallbe reallocated in accordance with subsection 1 of section448.1-107 as though those units had been taken by eminent domain.Reallocations shall be confirmed by an amendment to thedeclaration prepared, executed, and recorded by the association.
(L. 1983 H.B. 177)