2011 Vermont Code
Title 27A Uniform Common Interest Ownership Act (1994)
Chapter 3 Management of the Common Interest Commu=-nity
§ 105 Termination of contracts and leases of declarant [ 3-105 effective until January 1, 2012; see also section 3-105 effective January 1, 2012 set out below.]
[ 3-105 effective until January 1, 2012; see also section 3-105 effective January 1, 2012 set out below.]
§ 3-105. Termination of contracts and leases of declarant
Except as provided in section 1-207, if entered into before the executive board elected by the unit owners pursuant to subsection 3-103(f) of this title takes office,
(1) any management contract, employment contract, 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 any time after the executive board is elected with 90 days' notice to the other party. This section does not apply to a lease which if terminated would terminate the common interest community or reduce its size, unless the real estate subject to that lease was included in the common interest community for the purpose of avoiding the right of the association to terminate a lease under this section. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999.)
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