If entered into before the executive 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 planned community that is not bona fide or was unconscionable to the lot owners at the time entered into under the circumstances then prevailing, may be terminated without penalty by the association at any time after the executive board elected by the lot owners pursuant to G.S. 47F-3-103(e) takes office upon not less than 90 days' notice to the other party.
N.C. Gen. Stat. § 47F-3-105
Termination of contracts and leases of declarant
Applied in 2 court decisions — leading case Conleys Creek Ltd. P'ship v. Smoky Mountain Country Club Prop. Owners Ass'n (2017)
Most recently applied in Conleys Creek Ltd. P'ship v. Smoky Mountain Country Club Prop. Owners Ass'n (September 2017)
1998-199, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.