[§514B-135]  Termination
of contracts and leases of developer.  (a)  If entered into before the board elected by the unit owners
pursuant to section 514B‑106(e)
takes office:



(1)  Any
management contract, employment contract, or lease of recreational or parking
areas or facilities;



(2)  Any other
contract or lease between the association and a developer or an affiliate of a
developer; or



(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;



may be
terminated without penalty by the association within a period of one hundred
eighty days after the board elected by the unit owners pursuant to section 514B‑106(e) takes office, upon not less than ninety
days notice to the other party.



(b)  This
section does not apply to:



(1)  Any lease or
other agreement the termination of which would terminate the condominium or
reduce its size, unless the real estate subject to that lease was included in
the condominium for the purpose of avoiding the right of the association to
terminate a lease under this section; or



(2)  A proprietary
lease. [L 2004, c 164, pt of §2]