§1122.107. Condominiums established on leased land
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.
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