§514A-84 
Management and contracts; developer, managing agent, and association of
apartment owners.  (a)  If the
developer or any affiliate of the developer acts as the first managing agent
for the association of apartment owners following its organization, the
contract shall not have a term exceeding one year and shall contain a provision
that the contract may be terminated by either party thereto on not more than
sixty days' written notice.  The identity of the managing agent as the
developer or the developer's affiliate shall be disclosed to the association of
apartment owners no later than the first meeting of the association of
apartment owners, which is when the association of apartment owners is
organized.  An affiliate of, or person affiliated with, a developer is a person
that directly or indirectly controls, is controlled by, or is under common
control with, the developer.



(b)  Any
developer or affiliate of the developer or a managing agent, who manages the
operation of the property from the date of recordation of the first apartment
conveyance until the organization of the association of apartment owners, shall
comply with the requirements of sections 514A-95.1, 514A-97, and 514A-132, with
the exception of the fidelity bond requirement for the association of apartment
owners.



(c)  The
developer, affiliate of the developer, managing agent, and the association of
apartment owners shall ensure that there is a written contract for managing the
operation of the property, expressing the agreements of all parties, including
but not limited to financial and accounting obligations, services provided, and
any compensation arrangements, including any subsequent amendments.  Copies of
the executed contract and any amendments shall be provided to all parties to
the contract.  Prior to the organization of the association of apartment
owners, any apartment owner may request to inspect as well as receive a copy of
the management contract from the entity that manages the operation of the
property. [L 2007, c 244, pt of §2]



 



Note



 



  Section 514A-132 referred to in text is repealed.