47F-3-105. Termination of contracts and leases of declarant.
If entered into before the executive board elected by the lot owners pursuant to G.S. 47F-3-103(e) takes office, any contract or lease affecting or related to the planned community that is not bona fide or was unconscionable to the lot owners at the time entered into under the circumstances then prevailing, may be terminated without penalty by the association at any time after the executive board elected by the lot owners pursuant to G.S. 47F-3-103(e) takes office upon not less than 90 days' notice to the other party. (1998-199, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 47F - North Carolina Planned Community Act
Article 3 - Management of Planned Community.
§ 47F-3-101 - Organization of owners' association.
§ 47F-3-102 - Powers of owners' association.
§ 47F-3-103 - Executive board members and officers.
§ 47F-3-104 - Transfer of special declarant rights.
§ 47F-3-105 - Termination of contracts and leases of declarant.
§ 47F-3-107 - Upkeep of planned community; responsibility and assessments for damages.
§ 47F-3-107.1 - Procedures for fines and suspension of planned community privileges or services.
§ 47F-3-110 - Voting; proxies.
§ 47F-3-111 - Tort and contract liability.
§ 47F-3-112 - Conveyance or encumbrance of common elements.
§ 47F-3-115 - Assessments for common expenses.
§ 47F-3-116 - Lien for sums due the association; enforcement.
§ 47F-3-116.1 - Validation of certain nonjudicial foreclosure proceedings and sales.
§ 47F-3-118 - Association records.
§ 47F-3-119 - Association as trustee.
§ 47F-3-120 - Declaration limits on attorneys' fees.
§ 47F-3-121 - American and State flags and political sign displays.