(a) If entered into before the board elected by the unit owners pursuant to section 514B-106(e) takes office:

contract signature

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Terms Used In Hawaii Revised Statutes 514B-135

  • Affiliate of a developer: means a person that directly or indirectly controls, is controlled by, or is under common control with, the developer. See Hawaii Revised Statutes 514B-3
  • Association: means the unit owners' association organized under section 514B-102 or under prior condominium property regime statutes. See Hawaii Revised Statutes 514B-3
  • Condominium: means real estate, portions of which are designated for separate ownership and the remainder of which is designated for common ownership solely by the owners of those portions. See Hawaii Revised Statutes 514B-3
  • Contract: A legal written agreement that becomes binding when signed.
  • Developer: means a person who undertakes to develop a real estate condominium project, including a person who succeeds to the interest of the developer by acquiring a controlling interest in the developer or in the project. See Hawaii Revised Statutes 514B-3
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Unit: means a physical or spatial portion of the condominium designated for separate ownership or occupancy, the boundaries of which are described in the declaration or pursuant to § 514B-35, with an exit to a public road or to a common element leading to a public road. See Hawaii Revised Statutes 514B-3
(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.
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