Requirements if developer holds leasehold interest.
1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Division, must provide that:
(a) The lessee must give notice of termination of the lease for any default by the lessor to the association.
(b) The lessor, upon any default of the lessee including bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as the lease with the developer.
2. The Division may require the developer to execute a bond or other type of security for the payment of the rental obligation.
Last modified: February 27, 2006