§ 34-36.1-2.06. Leasehold condominiums.
(a) Any lease the expiration or termination of which may terminate the condominium or reduce its size, or a memorandum thereof, shall be recorded. Every lessor of those leases must sign the declaration, and the declaration shall state:
(1) The recording data for the lease (or a statement of where the complete lease 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 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;
(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; and
(7) Any housing restriction as set forth in § 34-39.1-3, and the details thereof.
(b) After the declaration for a leasehold condominium is recorded, neither the lessor nor his or her successor in interest may terminate the leasehold interest of a unit owner who makes timely payment of his or her 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.
(c) 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.
(d) 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 § 34-36-7(a) 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.
History of Section.P.L. 1982, ch. 329, § 2; P.L. 2006, ch. 368, § 3; P.L. 2006, ch. 464, § 3.
Structure Rhode Island General Laws
Chapter 34-36.1 - Condominium Law
Article II - Creation, Alteration, and Termination of Condominiums
Section 34-36.1-2.01. - Creation of condominium.
Section 34-36.1-2.02. - Unit boundaries.
Section 34-36.1-2.03. - Construction and validity of declaration and bylaws.
Section 34-36.1-2.04. - Description of units.
Section 34-36.1-2.05. - Contents of declaration.
Section 34-36.1-2.06. - Leasehold condominiums.
Section 34-36.1-2.08. - Limited common elements.
Section 34-36.1-2.09. - Plats and plans.
Section 34-36.1-2.10. - Exercise of development rights.
Section 34-36.1-2.11. - Alterations of units.
Section 34-36.1-2.12. - Relocation of boundaries between adjoining units.
Section 34-36.1-2.13. - Subdivisions of units.
Section 34-36.1-2.14. - Easement for encroachments.
Section 34-36.1-2.15. - Use for sales purposes.
Section 34-36.1-2.16. - Easement rights.
Section 34-36.1-2.17. - Amendment of declaration.
Section 34-36.1-2.18. - Termination of a condominium.
Section 34-36.1-2.19. - Rights of secured lenders.
Section 34-36.1-2.20. - Master associations.
Section 34-36.1-2.21. - Merger or consolidation of condominiums.