§ 34-36.1-3.05. Termination of contracts and leases of declarant.
If entered into before the executive board elected by the unit owners pursuant to § 34-36.1-3.03(f) takes office, (1) any management contract, employment contract, or lease of recreational or parking areas or facilities, (2) any other contract or lease between the association and a declarant or an affiliate of a declarant, or (3) any contract or lease that is not bona fide or was unconscionable to the unit 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 unit owners pursuant to § 34-36.1-3.03(f) takes office upon not less than ninety (90) days’ notice to the other party. This section does not apply to any lease the termination of which would terminate the condominium or reduce its size, unless the real estate subject to that lease was included in the condominium for the purpose of avoiding the right of the association to terminate a lease under this section.
History of Section.P.L. 1982, ch. 329, § 2.
Structure Rhode Island General Laws
Chapter 34-36.1 - Condominium Law
Article III - Management of Condominium
Section 34-36.1-3.01. - Organization of unit owners’ association.
Section 34-36.1-3.02. - Powers of unit owners’ association.
Section 34-36.1-3.03. - Executive board members and officers.
Section 34-36.1-3.04. - Transfer of special declarant rights.
Section 34-36.1-3.05. - Termination of contracts and leases of declarant.
Section 34-36.1-3.06. - Bylaws.
Section 34-36.1-3.07. - Upkeep of condominium.
Section 34-36.1-3.08. - Meetings.
Section 34-36.1-3.09. - Quorums.
Section 34-36.1-3.10. - Voting — Proxies.
Section 34-36.1-3.11. - Tort and contract liability.
Section 34-36.1-3.12. - Conveyance or encumbrance of common elements.
Section 34-36.1-3.13. - Insurance.
Section 34-36.1-3.14. - Surplus funds.
Section 34-36.1-3.15. - Assessments for common expenses.
Section 34-36.1-3.16. - Lien for assessments.
Section 34-36.1-3.17. - Other liens affecting the condominium.
Section 34-36.1-3.18. - Association records.
Section 34-36.1-3.19. - Association as trustee.
Section 34-36.1-3.20. - Enforcement of declaration, by-laws and rules.