Wisconsin § 707.32 - Termination of contracts and leases of developer.

§ 707.32. Termination of contracts and leases of developer.

707.32(1) (1) Definition. In this section, “time-share property” does not include a campground. 707.32(1m) (1m) Authority of the association. The following contracts or leases relating to the time-share property which are entered into before the developer ceases under s. 707.30 (4) (c) to appoint a majority of the board of directors may be terminated without penalty by the association at any time after the developer ceases to appoint a majority of the board of directors, upon not less than 90 days’ notice to the other party to the contract or lease: 707.32(1m)(a) (a) Any management contract, employment contract, or lease of recreational or parking areas or facilities. 707.32(1m)(b) (b) Any contract or lease between the managing entity and a developer or an affiliate of a developer. 707.32(1m)(c) (c) Any contract or lease that is not bona fide or was unconscionable to the time-share owners when entered into under the circumstances then prevailing. 707.32(2) (2) Applicability to leases. This section does not apply to a lease if termination of the lease would terminate the time-share property or reduce its size, unless the real estate subject to the lease was included in the time-share property for the purpose of avoiding the right to terminate a lease under this section. 707.32(3) (3) Action by time-share owner. If no association is established under s. 707.30 (2) , any time-share owner, individually or on behalf of the class of time-share owners, may maintain an action under sub. (1m) to terminate a contract or lease of the developer relating to the time-share property. 707.32 History History: 1987 a. 399 .