33-1245. Termination of contracts and leases
of declarant; applicability


A. A contract for any of the following, if entered into before the board of
directors elected by the unit owners pursuant to section 33-1243, subsection G takes
office, shall contain a provision in the contract that the contract may be terminated
without penalty by the association at any time after the board of directors elected by
the unit owners takes office:


1. Any management contract or employment contract.


2. Any other contract or lease between the association and a declarant or an
affiliate of a declarant.


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.


B. The board of directors shall notify the appropriate contractual party of the
termination at least thirty days before termination.


C. This section does not apply to any lease if the termination of the lease would
terminate the condominium or reduce its size.


D. If a contract covered by this section fails to contain the provisions required
by subsection A of this section, the contract is voidable at the option of the
association.


E. This section does not apply to timeshare plans or associations that are subject
to chapter 20 of this title.