§ 47F-3-105. Termination of contracts and leases of declarant. - North Carolina Statutes

§ 47F‑3‑105. Termination of contracts and leases of declarant.

If entered into before theexecutive board elected by the lot owners pursuant to G.S. 47F‑3‑103(e)takes office, any contract or lease affecting or related to the plannedcommunity that is not bona fide or was unconscionable to the lot owners at thetime entered into under the circumstances then prevailing, may be terminatedwithout penalty by the association at any time after the executive boardelected by the lot owners pursuant to G.S. 47F‑3‑103(e) takesoffice upon not less than 90 days' notice to the other party. (1998‑199,s. 1.)