Effective - 28 Aug 1983
448.2-106. Leasehold condominiums. — 1. Any lease, the expiration or termination of which may terminate the condominium or reduce its size, shall be recorded. Every lessor of such leases shall sign the declaration, 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 estate subject to the lease;
(4) Any right of the unit owners to redeem the reversion and the manner whereby those rights may be exercised, or a statement that they do not have those rights;
(5) Any right of the unit owners to remove any improvements within a reasonable time after the expiration or termination of the lease, or a statement that they do not have those rights; and
(6) Any rights of the unit owners to renew the lease and the conditions of any renewal, or a statement that they do not have those rights.
2. After the declaration for a leasehold condominium is recorded, neither the lessor nor his successor in interest shall terminate the leasehold interest of a unit owner who makes timely payment of his share of the rent and otherwise complies with all covenants which, if violated, would entitle the lessor to terminate the lease. A unit owner's leasehold interest is not affected by failure of any other person to pay rent or fulfill any other covenant.
3. Acquisition of the leasehold interest of any unit owner by the owner of the reversion or remainder does not merge the leasehold and fee simple interests unless the leasehold interests of all unit owners subject to that reversion or remainder are acquired.
4. If the expiration or termination of a lease decreases the number of units in a condominium, the allocated interests shall be reallocated in accordance with subsection 1 of section 448.1-107 as though those units had been taken by eminent domain. Reallocations shall be confirmed by an amendment to the declaration prepared, executed, and recorded by the association.
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(L. 1983 H.B. 177)
Structure Missouri Revised Statutes
Title XXIX - Ownership and Conveyance of Property
Chapter 448 - Condominium Property
Section 448.005 - Title of law.
Section 448.010 - Definitions.
Section 448.020 - Property submitted to condominium law by declaration.
Section 448.030 - Declaration, contents — amendments.
Section 448.060 - Instrument affecting unit affects ownership of common elements.
Section 448.070 - Common elements to remain undivided — exceptions.
Section 448.090 - Liens, against what — consent, how given.
Section 448.100 - Taxes, assessed and levied against units.
Section 448.110 - Interest acquired by tax deed, subject to what.
Section 448.130 - Insurance proceeds used for reconstruction — reconstruction defined.
Section 448.140 - Insurance proceeds insufficient to reconstruct, effect.
Section 448.160 - Property removed from condominium law, how, effects.
Section 448.170 - Bylaws, amendments.
Section 448.180 - Bylaws, contents.
Section 448.195 - Condemnation proceedings, board of managers to represent all unit owners.
Section 448.200 - Managers to keep records, open to owners.
Section 448.210 - Rule against perpetuities — restraints on alienation.
Section 448.1-101 - Short title.
Section 448.1-102 - Applicability.
Section 448.1-103 - Definitions.
Section 448.1-104 - Variation by agreement.
Section 448.1-105 - Separate titles and taxation.
Section 448.1-106 - Applicability of local ordinances, regulations, and building codes.
Section 448.1-107 - Eminent domain.
Section 448.1-108 - Supplemental general principles of law applicable.
Section 448.1-109 - Construction against implicit repeal.
Section 448.1-110 - Uniformity of application and construction.
Section 448.1-111 - Severability.
Section 448.1-112 - Unconscionable agreement or term of contract.
Section 448.1-113 - Obligation of good faith.
Section 448.1-114 - Remedies to be liberally administered.
Section 448.2-101 - Creation of condominium.
Section 448.2-102 - Unit boundaries.
Section 448.2-103 - Construction and validity of declaration and bylaws.
Section 448.2-104 - Description of units.
Section 448.2-105 - Contents of declaration.
Section 448.2-106 - Leasehold condominiums.
Section 448.2-107 - Allocation of common element interests, votes, and common expense liabilities.
Section 448.2-108 - Limited common elements.
Section 448.2-109 - Plats and plans.
Section 448.2-110 - Exercise of development rights.
Section 448.2-111 - Alterations of units.
Section 448.2-112 - Relocation of boundaries between adjoining units.
Section 448.2-113 - Subdivision of units.
Section 448.2-114 - Monuments as boundaries.
Section 448.2-115 - Use for sale purposes.
Section 448.2-116 - Easement rights.
Section 448.2-117 - Amendment of declaration.
Section 448.2-118 - Termination of a condominium.
Section 448.2-119 - Rights of secured lenders.
Section 448.2-120 - Master associations.
Section 448.2-121 - Merger or consolidation of condominiums.
Section 448.3-101 - Organization of unit owners' association.
Section 448.3-102 - Powers of unit owners' association.
Section 448.3-103 - Executive board members and officers.
Section 448.3-104 - Transfer of special declarant rights.
Section 448.3-105 - Termination of contracts and leases of declarant.
Section 448.3-107 - Upkeep of condominium.
Section 448.3-110 - Voting — proxies.
Section 448.3-111 - Tort and contract liability.
Section 448.3-112 - Conveyance or encumbrance of common elements.
Section 448.3-113 - Insurance.
Section 448.3-114 - Surplus funds.
Section 448.3-115 - Assessments for common expenses.
Section 448.3-116 - Lien for assessments.
Section 448.3-117 - Other liens affecting the condominium.
Section 448.3-118 - Association records.
Section 448.3-119 - Association as trustee.
Section 448.4-101 - Applicability — waiver.
Section 448.4-102 - Liability for public offering statement requirements.
Section 448.4-103 - Original sale certificate, general provisions.
Section 448.4-104 - Original sale certificate, condominiums subject to development rights.
Section 448.4-105 - Original sale certificate, time-shares.
Section 448.4-106 - Original sale certificate, condominiums containing conversion buildings.
Section 448.4-107 - Original sale certificate, condominium securities.
Section 448.4-108 - Purchaser's right to cancel.
Section 448.4-109 - Resales of units.
Section 448.4-110 - Escrow of deposits.
Section 448.4-111 - Release of liens.
Section 448.4-113 - Express warranties of quality.
Section 448.4-114 - Implied warranties of quality.
Section 448.4-115 - Exclusion or modification of implied warranties of quality.
Section 448.4-116 - Statute of limitations for warranties.
Section 448.4-117 - Effect of violations on rights of action — attorney's fees.
Section 448.4-118 - Labeling of promotional material.
Section 448.4-119 - Declarant's obligation to complete and restore.