[§514C-22] Power of association of apartment owners to negotiate, purchase, and sell lessor's interest. (a) The association of apartment owners may purchase the lessor's interest in the condominium project; provided that the declaration of condominium property regime shall either contain or be amended to include a provision authorizing the board of directors to effectuate such a purchase. If the lessor is also a condominium unit lessee, the lessor's lessee interest shall be disregarded in the computation of the percentage of condominium unit lessees needed to achieve the vote or written consent required to amend the declaration of condominium property regime.
(b) If the association of apartment owners is authorized to purchase the lessor's interest pursuant to this section, the following powers, in addition to any other existing powers, shall be conferred upon the association of apartment owners:
(1) To purchase or otherwise acquire, own, improve, use, and deal in and with the lessor's interest or any or all undivided interests therein;
(2) To incur liabilities, borrow money, and secure any of its obligations by mortgage or pledge all or any portion of its property, assessments, and funds to effectuate acquisition of the lessor's interest;
(3) To assess, as a common expense, the condominium unit lessees for the expenses incurred in acquiring the lessor's interest, or to service any debt associated therewith; and
(4) To sell the fee interest appurtenant to a condominium unit and acquired from the lessor by the association of apartment owners, to any condominium unit lessee or subsequent purchaser of such unit.
(c) No condominium unit lessee shall be compelled to purchase the portion of the fee interest of the property appurtenant to the lessee's condominium unit and acquired from the lessor by the association of apartment owners, but may instead pay lease rent to the association of apartment owners together with the lessee's share of the common expenses incurred in acquiring the fee interest to the land, including any debt associated therewith. [L 1999, c 241, pt of §2]