Chapter 2 - § 2.3 • REQUIRED DECLARATION CONTENTS — LEASEHOLD COMMON INTEREST COMMUNITIES

• Jurisdiction: Colorado

§ 2.3 • REQUIRED DECLARATION CONTENTS — LEASEHOLD COMMON INTEREST COMMUNITIES

A "leasehold common interest community" is one in which all or a portion of the real estate is subject to a lease, and the expiration or termination of that lease will terminate the common interest community or reduce its size.¹⁵¹ That lease must be recorded,¹⁵² and the declaration must state:

• The recording data for the lease;¹⁵³
• The date on which the lease is scheduled to expire;¹⁵⁴
• A legally sufficient description of the real estate subject to the lease;¹⁵⁵
• Any rights the unit owners have to redeem the reversion and the manner in which those rights may be exercised, or that they do not have any rights to redeem the reversion;¹⁵⁶
• Any rights the unit owners have to remove any improvements within a reasonable time after the expiration or termination of the lease, or that they have no rights to remove any improvements;¹⁵⁷ and
• Any rights the unit owners have to renew the lease and the conditions of any renewal, or that they do not have any rights to renew the lease.¹⁵⁸

--------

Notes:

^[151] C.R.S. § 38-33.3-103(18).

^[152] C.R.S. § 38-33.3-206(1). The subsection also requires that in a leasehold condominium or planned community the declaration must contain the signature of each lessor of any lease in order for the provisions of C.R.S. § 38-33.3-206 to be effective. The requirement ensures that the lessor has consented to use of his or her land as a condominium or planned community and is not imposed in the case of a lease in a cooperative. Uniform Common Interest Ownership Act § 2-106, cmt. 1.

^[153] C.R.S. § 38-33.3-206(1)(a).

^[154] C.R.S. § 38-33.3-206(1)(b).

^[155] C.R.S. § 38-33.3-206(1)(c).

^[156] C.R.S. § 38-33.3-206(1)(d).

^[157] C.R.S. § 38-33.3-206(1)(e).

^[158] C.R.S. § 38-33.3-206(1)(f).