(a) If, before the developer ceases to appoint, control, or serve as the managing entity, there is entered into (i) any management contract, employment contract, or lease of recreational or parking areas or facilities, (ii) any other contract or lease between the managing entity and a developer or an affiliate of a developer, or (iii) any contract or lease that is not bona fide or was unconscionable to the time-share owners at the time entered into under the circumstances then prevailing, the contract may be terminated without penalty by the association or the time-share owners at any time after the developer ceases to appoint, control, or serve as the managing entity, upon not less than ninety (90) days' notice to the other party. This subsection does not apply to any lease the termination of which would terminate the time-share property or reduce its size, unless the real estate subject to that lease was included in the property for the purpose of avoiding the right to terminate a lease under this section.
(b) If there is no association, any time-share owner individually or on behalf of the class of time-share owners may maintain an action for appropriate relief.
History of Section.
P.L. 1984, ch. 141, § 2.