Louisiana Revised Statutes 9:1122.107 – Condominiums established on leased land
Terms Used In Louisiana Revised Statutes 9:1122.107
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- association: means a corporation, or unincorporated association, owned by or composed of the unit owners and through which the unit owners manage and regulate the condominium. See Louisiana Revised Statutes 9:1121.103
- Common elements: means the portion of the condominium property not a part of the individual units. See Louisiana Revised Statutes 9:1121.103
- declaration: means the instrument by which immovable property is made subject to this Part. See Louisiana Revised Statutes 9:1121.103
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Unit: means a part of the condominium property subject to individual ownership. See Louisiana Revised Statutes 9:1121.103
A. With respect to any lease, the expiration or termination of which may terminate the condominium, or reduce its size, the condominium declaration shall state:
(1) The place of recordation of such lease or statement where the complete lease may be inspected.
(2) The date on which the lease is scheduled to expire.
(3) A legal description of the immovable property subject to the lease.
(4) Any rights of a unit owner or owners upon termination of the lease and the manner whereby those rights may be exercised or a statement that they do not have such rights.
(5) Any right of the unit owners to renew such lease including the conditions of any renewal or statement that they do not have such rights.
B. If the expiration or termination of a lease decreases the number of units in a condominium, then the ownership interest in the common elements, voting rights in the association, and obligation for payment of common expense appurtenant to such units shall be equitably reallocated among the remaining units. Such reallocation shall be effected by an amendment to the condominium declaration duly filed for registry.
Acts 1979, No. 682, §1.