§ 23 — Contracts or leases between developer and managing entity; termination by association or owners

Section 23. (a) If, before the developer ceases to appoint, control or serve as the managing entity, there is entered into (i) any management contract, employment contract, or lease of recreational or parking areas or facilities between the managing entity and the developer or an affiliate of the developer, or (ii) any other contract or lease, between the managing entity and the developer or an affiliate of the developer, or (iii) any contract or lease that is not bona fide or was unconscionable to the time-share owners at the time entered into under the circumstances then prevailing, the contract or lease may be terminated without penalty by the association or, if there is no association, the time-share owners at any time after the developer ceases to appoint, control or serve as the managing entity, upon not less than ninety days' notice to the other party. This subsection shall not apply to any lease the termination of which would terminate the time-share property or reduce its size, unless the real estate subject to said lease was included in the property for the purpose of avoiding the right to terminate a lease under this section.(b) If there is no association, any time-share owner individually or on behalf of the class of time-share owners may maintain an action for appropriate relief.