Vermont Statutes Title 27 Sec. 3-105
Terms Used In Vermont Statutes Title 27 Sec. 3-105
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- 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
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
§ 3-105. Termination of contracts and leases of declarant
(a) Within two years after the executive board elected by the unit owners pursuant to subsection 3-103(f) of this title takes office, the association may terminate without penalty, upon at least 90 days’ notice to the other party, any of the following if entered into before the executive board was elected:
(1) any management, maintenance, operations, or employment contract, or lease of recreational or parking areas or facilities; or
(2) any other contract or lease between the association and a declarant or an affiliate of a declarant.
(b) At any time after the executive board elected by the unit owners pursuant to subsection 3-103(f) of this title takes office, the association may terminate without penalty, upon at least 90 days’ notice to the other party, any contract or lease that is not bona fide or was unconscionable to the unit owners at the time the contract was entered into.
(c) This section does not apply to a lease which if terminated would terminate the common interest community or reduce its size, unless the real estate subject to that lease was included in the common interest community for the purpose of avoiding the right of the association to terminate a lease under this section. (Added 1997, No. 104 (Adj. Sess.), § 3, eff. Jan. 1, 1999; amended 2009, No. 155 (Adj. Sess.), § 27, eff. Jan. 1, 2012.)