§514A-90.6 - Lease rent renegotiation.
§514A-90.6
Lease rent renegotiation. (a) Notwithstanding any provision in the
declaration or bylaws of any property subject to this chapter, any lease or
sublease of the property or of an apartment, or an undivided interest in the
land to an apartment owner, whenever any lease or sublease of the property, an
apartment, or an undivided interest in the land to an apartment owner provides
for the periodic renegotiation of lease rent thereunder, the association of
apartment owners shall represent the apartment owners in all negotiations and
proceedings, including but not limited to appraisal or arbitration, for the
determination of lease rent as a common expense of the association.
(b) If some, but not all of the apartment
owners have purchased the leased fee interest appurtenant to their apartments,
all costs and expenses of the renegotiation shall be assessed to the remaining
lessees in the same proportion that the common interest appurtenant to each
lessee's apartment bears to the common interest appurtenant to all lessees'
apartments. The unpaid amount of this assessment shall constitute a lien upon
the lessee's apartment, which may be collected in accordance with sections
514A-90 and 514A-94 in the same manner as an unpaid common expense. [L 2007, c 244, pt of §2]