North Carolina General Statutes 47F-3-105. Termination of contracts and leases of declarant
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If entered into before the executive board elected by the lot owners pursuant to N.C. Gen. Stat. § 47F-3-103(e) takes office, any contract or lease affecting or related to the planned community that is not bona fide or was unconscionable to the lot owners at the time entered into under the circumstances then prevailing, may be terminated without penalty by the association at any time after the executive board elected by the lot owners pursuant to N.C. Gen. Stat. § 47F-3-103(e) takes office upon not less than 90 days’ notice to the other party. (1998-199, s. 1.)
Terms Used In North Carolina General Statutes 47F-3-105
- Contract: A legal written agreement that becomes binding when signed.
- 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