Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
(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 that 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.)