§514B-36 - Leasehold units.
[§514B-36] Leasehold units. An
undivided interest in the land that is subject to a condominium property regime
equal to a unit's common interest may be leased to the unit owner, and the unit
and its common interest in the common elements exclusive of the land may be
conveyed to the unit owner. The conveyance of the unit with an accompanying
lease of an interest in the land shall not constitute a division or partition
of the common elements, or a separation of the common interest from its unit.
Where a deed of a unit is accompanied by a lease of an interest in the land,
the deed shall not be construed as conveying title to the land included in the
common elements. [L 2005, c 93, pt of §2]