Condominium-HOA 50 year lifetime?

Question

Has anyone ever heard of the “fifty year” thing with condos? If yes, What does that really mean and what would it mean to the owners if the HOA decides to sell the land after fifty years?

Sadaf Mik · Answer

@Russell Brazil the question is not clear because I was not and still not sure about the specifics of it or how to interpret the following lol sorry. Can an HOA decide to sell the land which the condo sits on after the fifty year mentioned below? If yes, what would it take and what would that mean to the owners?

The HOA CC&R of this condo I’m looking at reads:

“The provisions of this Restated Declaration shall continue in effect for a term of fifty years from the date of recordation. Thereafter, it shall be automatically extended for successive periods of ten years, until the membership of the Association decides to terminate it. This Section shall not preclude amending this Restated Declaration during the term of its existence.”

Also, in the section 752b of california condominium bill, there is a clause that reads:

“Where several persons own condominiums, as defined in section 783 of the Civil Code, in a condominium project, as defined in section 1350 of the Civil Code, an action may be brought by one or more of such persons for partition thereof by sale of the entire project, as if the owners of all of the condominiums in such project -were tenants-in-common in the entire project in the same proportion as their interests in the common areas, provided, however, that a partition shall be made only upon the showing that … the project has been in existence in excess of 50 years, that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than a 50 per cent interest in the common areas are opposed to repair or restoration of the project”

Thank you in advance!

Russell Brazil · Answer

It is unclear what you are talking about.

Is the building built on a piece of land with a 50 year land lease?