Note Sections 514C-1 through 514C-8 designated as Part I by L 1999, c 241, §3(2). §514C-1 Definitions. For purposes of this chapter unless the context indicates otherwise: “Condominium” means the ownership of single units, with common elements, located on property within the condominium property regime. “Condominium project” means a real estate condominium project; a plan […]
§514C-2 Right of first refusal. When the leased fee interest in land under a condominium project or cooperative project or any part thereof is to be sold to any party other than the association of owners or the cooperative housing corporation, the seller shall first provide the board of directors of the association of owners […]
§514C-3 Improvements. The right of first refusal to purchase the leased fee interest in land created by this part shall be deemed to include the right to purchase the interest of the seller in any and all improvements on such land, other than the leasehold interest in any unit as to which the seller is […]
§514C-4 Compliance with procedures not required when. Nothing in this part shall prohibit any lessor and association of condominium owners or cooperative housing corporation from agreeing to the sale and purchase of the leased fee interest or any part thereof. [L 1988, c 298, pt of §1; am L 1999, c 241, §3(4)]
§514C-5 Offer to other prospective purchasers; time limit. No lessor shall sell the leased fee interest in any land under a condominium project or cooperative project containing one or more residential units or any part thereof to any party other than the association of owners or cooperative housing corporation for that project until a right […]
§514C-6 Powers of association of owners and cooperative housing corporation. (a) The association under chapter 514B or cooperative housing corporation may purchase the leased fee interest in the land; provided that at least sixty-seven per cent of the condominium unit lessees or cooperative unit lessees approve of the purchase. If the seller is also a […]
§514C-6.5 Sales to individual lessees. Notwithstanding any other provision in this part to the contrary, a lessor may sell the leased fee interest in any land under a condominium project or cooperative project or any part thereof to individual condominium unit lessees or cooperative unit lessees; provided that the following requirements have been complied with: […]
§514C-7 Violations; voidable sale. Any sale made that violates this part shall be voidable at the option of the association of owners or the cooperative housing corporation. If any sale is so voided, the association of owners or cooperative housing corporation shall then have the right to buy the interest which had been conveyed by […]
§514C-8 Exception. (a) This part shall not apply if the land under the condominium project or cooperative housing corporation subject to a leased fee interest is part of a larger tract of land and the lessor will not agree to sell the leased fee interest in the land in parts. (b) If the land under […]
