§ 38-33.3-305 — Termination of contracts and leases of declarant

Colorado § 38-33.3-305

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Colorado Common Interest Ownership Act

Text

(1) The
following contracts and leases, if entered into before the executive board elected
by the unit owners pursuant to section 38-33.3-303 (7) takes office, may be
terminated without penalty by the association, at any time after the executive
board elected by the unit owners pursuant to section 38-33.3-303 (7) takes office,
upon not less than ninety days' notice to the other party:

(a) Any management contract, employment contract, or lease of recreational
or parking areas or facilities;

(b) Any other contract or lease between the association and a declarant or
an affiliate of a declarant; or

(c) 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.

(2) Subsection (1) of this section does not apply to any lease the termination
of which 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 or a proprietary lease.

Legislative History

Source: L. 91: Entire article added, p. 1743, � 1, effective July 1, 1992.