55-443 - Leasehold cooperatives.
§ 55-443. Leasehold cooperatives.
A. The expiration or termination of any lease which may terminate thecooperative or reduce its size, or a memorandum thereof, shall be recorded.The declaration shall state:
1. The recording data for the lease or a statement of where the completelease may be inspected;
2. The date on which the lease is scheduled to expire;
3. A legally sufficient description of the real estate subject to the lease;
4. Any right of the proprietary lessees to redeem the reversion and themanner whereby those rights may be exercised, or a statement that they do nothave those rights;
5. Any right of the proprietary lessees to remove any improvements within areasonable time after the expiration or termination of the lease, or astatement that they do not have those rights; and
6. Any rights of the proprietary lessees to renew the lease and theconditions, if any, of any renewal, or a statement that they do not havethose rights.
B. Acquisition of the leasehold interest of any proprietary lessee by theowner of the reversion or remainder does not merge the leasehold and feesimple interests unless the leasehold interests of all proprietary lesseessubject to that reversion or remainder are acquired.
C. If the expiration or termination of a lease decreases the number of unitsin a cooperative, the allocated interests shall be reallocated in accordancewith subsection A of § 55-444 as though those units had been taken by eminentdomain. Reallocations shall be confirmed by an amendment to the declarationprepared, executed and recorded by the association.
(1982, c. 277.)