448.3-105. Termination of contracts and leases of declarant.
Termination of contracts and leases of declarant.
448.3-105. If entered into before the executive boardelected by the unit owners pursuant to subsection 6 of section448.3-103 takes office, (1) any management contract, employmentcontract, or lease of recreational or parking areas orfacilities, (2) any other contract or lease between theassociation and a declarant or an affiliate of a declarant, or(3) any contract or lease that is not bona fide or wasunconscionable to the unit owners at the time entered into underthe circumstances then prevailing, may be terminated withoutpenalty by the association at any time after the executive boardelected by the unit owners pursuant to subsection 6 of section448.3-103 takes office upon not less than ninety days' notice tothe other party. This subsection does not apply to any lease thetermination of which would terminate the condominium or reduceits size, unless the real estate subject to that lease wasincluded in the condominium for the purpose of avoiding the rightof the association to terminate a lease under this section.
(L. 1983 H.B. 177)