33-1216

33-1216. Leasehold condominiums

A. Any lease, the expiration or termination of which may terminate the condominium
or reduce its size, shall be recorded. Unless the lease otherwise specifically provides
for the creation of a leasehold condominium and the rights and benefits set forth in this
section, each lessor of those leases shall sign or otherwise consent to the provisions of
the declaration. The declaration shall state all of the following:

1. The recording data for the lease.

2. The date on which the lease is scheduled to expire.

3. A legal description of the real estate subject to the lease.

4. Any right of the unit owners to acquire title to their units free of the lease
or a statement that they do not have this right.

5. Any right of the unit owners to remove any improvements within a reasonable time
after the expiration or termination of the lease or that they do not have this right.

6. Any rights of the unit owners to renew the lease and the conditions of any
renewal or that they do not have those rights.

B. After the declaration for a leasehold condominium is recorded, neither the
lessor nor his successor in interest may terminate the leasehold interest of a unit owner
who makes timely payment of his share of the rent and otherwise complies with all
covenants which, if violated, would entitle the lessor to terminate the lease. A unit
owner's leasehold interest is not affected by failure of any other person to pay rent or
fulfill any other covenant.

C. Acquisition of the leasehold interest of any unit owner by the owner of the
reversion or remainder does not merge the leasehold and fee simple interests unless the
leasehold interests of all unit owners subject to that reversion or remainder are
acquired.

D. If the expiration or termination of a lease decreases the number of units in a
condominium, the allocated interests shall be reallocated in accordance with section
33-1206, subsection A as though those units had been taken by eminent domain.