Note
This part, referenced as repealed in the main volume, was reenacted by L 2007, c 244, pt of §2. Source notes for the sections in this part begin with L 2007, c 244.
Cross References
Association documents to be provided, see §514B-154.5.
§514A-84 Management and contracts; developer, managing agent, and association of apartment owners. (a) If the developer or any affiliate of the developer acts as the first managing agent for the association of apartment owners following its organization, the contract shall not have a term exceeding one year and shall contain a provision that the contract may be terminated by either party thereto on not more than sixty days' written notice. The identity of the managing agent as the developer or the developer's affiliate shall be disclosed to the association of apartment owners no later than the first meeting of the association of apartment owners, which is when the association of apartment owners is organized. An affiliate of, or person affiliated with, a developer is a person that directly or indirectly controls, is controlled by, or is under common control with, the developer.
(b) Any developer or affiliate of the developer or a managing agent, who manages the operation of the property from the date of recordation of the first apartment conveyance until the organization of the association of apartment owners, shall comply with the requirements of sections 514A-95.1, 514A-97, and 514A-132, with the exception of the fidelity bond requirement for the association of apartment owners.
(c) The developer, affiliate of the developer, managing agent, and the association of apartment owners shall ensure that there is a written contract for managing the operation of the property, expressing the agreements of all parties, including but not limited to financial and accounting obligations, services provided, and any compensation arrangements, including any subsequent amendments. Copies of the executed contract and any amendments shall be provided to all parties to the contract. Prior to the organization of the association of apartment owners, any apartment owner may request to inspect as well as receive a copy of the management contract from the entity that manages the operation of the property. [L 2007, c 244, pt of §2]
Note
Section 514A-132 referred to in text is repealed.
Section: Previous 514a-83 514a-83.1 514a-83.2 514a-83.3 514a-83.4 514a-83.5 514a-83.6 514a-84 514a-84.5 514a-85 514a-86 514a-87 514a-88 514a-89 514a-90 NextLast modified: October 27, 2016