(a) Operation, maintenance, and management contracts; penalty
Any contract or portion thereof which is entered into after October 8, 1980, and which—
(1)provides for operation, maintenance, or management of a condominium or cooperative association in a conversion project, or of property serving the condominium or cooperative unit owners in such project;
(2)is between such unit owners or such association and the developer or an affiliate of the developer;
(3)was entered into while such association was controlled by the developer through special developer control or because the developer held a majority of the votes in such association; and
(4)is for a period of more than three years, including any automatic renewal provisions which are exercisable at the sole option of the developer or an affiliate of the developer,
may be terminated without penalty by such unit owners or such association.
(b) Time of termination
Any termination under this section may occur only during the two-year period beginning on the date on which—
(1)special developer control over the association is terminated; or
(2)the developer owns 25 per centum or less of the units in the conversion project,
whichever occurs first.
(c) Vote of owners of units
A termination under this section shall be by a vote of owners of not less than two-thirds of the units other than the units owned by the developer or an affiliate of the developer.
(d) Effective date of termination
Following the unit owners’ vote, the termination shall be effective ninety days after hand delivering notice or mailing notice by prepaid United States mail to the parties to the contract.
In subsec. (a), “October 8, 1980” was substituted for “the effective date of this title”. See Effective Date note set out under section
3601 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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