An association in a residential or recreational condominium may terminate, without penalty, contracts or leases between the association and a declarant or an affiliate of a declarant if:
(1) the contract is entered into by the association while controlled by the declarant;
(2) the association terminates the contract or lease before the first anniversary of the date a board elected by the unit owners takes office; and
(3) the association gives at least 90 days' notice of its intent to terminate the contract or lease to the other party.