Termination of contracts and leases of declarant
- Statute:
- New Mexico §47-7C-5 · Article CONDO (New Mexico Condominium Act (NMSA 47-7A-1 to 47-7D-20))
- Topic:
- Governance · Cancel declarant contracts
- Applies to:
- Condo associations
After the owner-elected board takes office, the association may terminate without penalty — on not less than 90 days' notice — any management or employment contract, recreational or parking lease, contract with the declarant or an affiliate, or any contract that was not bona fide or was unconscionable when entered, if it was entered before that board took office. Does not apply to a lease whose termination would terminate the condominium or reduce its size, unless that real estate was included to dodge this right.
📄 Read the official text at nmonesource.com →
How SoShiny helps with Termination of contracts and leases of declarant
SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees.
See the feature → Start freeFrequently asked
- What does New Mexico §47-7C-5 require?
- After the owner-elected board takes office, the association may terminate without penalty — on not less than 90 days' notice — any management or employment contract, recreational or parking lease, contract with the declarant or an affiliate, or any contract that was not bona fide or was unconscionable when entered, if it was entered before that board took office. Does not apply to a lease whose termination would terminate the condominium or reduce its size, unless that real estate was included to dodge this right.
- Who does New Mexico §47-7C-5 apply to?
- New Mexico §47-7C-5 applies to Condo associations in New Mexico.
- What happens if our condo doesn't comply with §47-7C-5?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-7C-5?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Termination of contracts and leases of declarant?
- SoShiny is built around the Florida statutes from day one. The features that help you comply with this section are part of every plan — no add-ons, no per-document fees. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-7C-5 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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