SECTION 8A. Leasehold condominiums; rights of unit owners

(a) The consent of every lessor of each lease which is submitted to the provisions of this chapter shall be recorded and shall provide:

(1) the recording data for the lease or the notice thereof, and in the latter case, a statement of where the complete lease may be inspected;

(2) the date on which the lease is scheduled to expire, including a provision in said lease requiring the lessor to give a twelve month written notice of said date of expiration to each unit owner;

(3) a legally sufficient description of the real estate subject to the lease;

(4) any right of the unit owners to redeem the reversion and the manner whereby those rights may be exercised, or a statement that they do not have those rights;

(5) any right of the unit owners to remove any improvements within a reasonable time after the expiration or termination of the lease, or a statement that they do not have those rights; and

(6) any rights of the unit owners to renew the lease and the conditions of any renewal, or a statement that they do not have those rights.

(b) After the consent of a lessor is recorded, neither the lessor nor any successor in interest of the lessor may terminate the leasehold interest of a unit owner, who makes timely payment or tender of said timely payment by certified mail of such unit owner's share of the rent and otherwise complies with all covenants and conditions which, if violated, would entitle the lessor to terminate the lease. A unit owner's leasehold interest is not affected by failure of any other person to pay rent or fulfill any other covenant or condition.

(c) Acquisition of the leasehold interest of any unit owner by the owner of the reversion or remainder does not merge the leasehold and fee simple interests unless the leasehold interests of all unit owners subject to that reversion or remainder are acquired.

(d) If the expiration or termination of a lease reduces the number of units in a condominium, the common element interests, votes in the association, and common expense liabilities shall be reallocated among the remaining unit owners in proportion to their respective percentage interests. Reallocations shall be confirmed by a duly recorded amendment of the master deed.

(e) The rent and all other amounts payable under the lease shall be declared common expenses.

(f) Prior to the expiration of said lease, the lessor may obtain three independent real estate appraisals of said parcel and may offer the right to purchase said parcel for the average of the three appraisals to the organization of unit owners. In the event that the organization of unit owners chooses not to purchase such parcel, said organization may negotiate a renewal of said lease for a term of not less than sixty years.