§ 1360 - Stabilization of lot rent - Vermont Statutes

§ 1360. Stabilization of lot rent

(a) As soon as a declarant gives notice of intent to convert as provided by section 1353 of this subchapter, the lot rents of all leaseholders in the park shall be reduced to the level in effect three months prior to the notice of intent to convert.

(b) The lot rent charged for sites occupied by leaseholders shall not be increased during the period beginning with the notice of intent to convert as provided by section 1353 of this subchapter and ending either when the condominium association takes control of the common areas of the park, or at the expiration of the conversion period as provided by section 1356 of this subchapter, whichever is later.

(c) Following the period designated in subsection (b) of this section, the annual lot rent charged for sites occupied by nonpurchasing leaseholders may be increased by no more than an amount which is equal to the amount of any annual increase in the fees charged by the condominium association to its members. In no event may the lot rent charged to nonpurchasing leaseholders be increased more frequently than as provided for in 10 V.S.A. § 6236. (Added 1993, No. 97, § 1.)