(1) Any lease, the expiration or termination of which may terminate the common interest community or reduce its size, must be recorded. In a leasehold condominium or leasehold planned community, the declaration must contain the signature of each lessor of any such lease in order for the provisions of this section to be effective. The declaration must state:
The recording data for the lease;
The date on which the lease is scheduled to expire;
A legally sufficient description of the real estate subject to the lease;
Any rights of the unit owners to redeem the reversion and the manner whereby thoserights may be exercised or state that they do not have those rights;
Any rights of the unit owners to remove any improvements within a reasonable timeafter the expiration or termination of the lease or state that they do not have those rights; and
Any rights of the unit owners to renew the lease and the conditions of any renewal orstate that they do not have those rights.
After the declaration for a leasehold condominium or leasehold planned communityis recorded, neither the lessor nor the lessor's successor in interest may terminate the leasehold interest of a unit owner who makes timely payment of a unit owner's share of the rent and otherwise complies with all covenants which, if violated, would entitle the lessor to terminate the lease. A unit owner's leasehold interest in a condominium or planned community is not affected by failure of any other person to pay rent or fulfill any other covenant.
Acquisition of the leasehold interest of any unit owner by the owner of the reversionor remainder does not merge the leasehold and fee simple interests unless the leasehold interests of all unit owners subject to that reversion or remainder are acquired.
If the expiration or termination of a lease decreases the number of units in a commoninterest community, the allocated interests shall be reallocated in accordance with section 3833.3-107 (1), as though those units had been taken by eminent domain. Reallocations shall be confirmed by an amendment to the declaration prepared, executed, and recorded by the association.
Source: L. 91: Entire article added, p. 1718, § 1, effective July 1, 1992.