Creation of Article XII Condominium on Land Leased by Persons Not of Northern Marianas Descent

Creation of Article XII Condominium on Land Leased by Persons Not of Northern Marianas Descent. (a) A person of Northern Marianas descent who has entered into a land lease agreement with a person not of Northern Marianas descent allowed by Article XII of the Constitution may enter into agreement with the lessee to submit and dedicate their respective interests to the creation of an Article XII condominium. Any such agreement is subject to the provisions of Section 6112. (b) An agreement authorized by subsection (a) may include provisions dealing with any of the following matters: (1) That their lease shall terminate upon creation of the condominium. (2) That they shall enter into a new lease, not exceeding 55 years including renewal rights, to commence concurrently upon creation of the condominium, whereby the person not of Northern Marianas descent may lease all or some of the units and common elements of the condominium. (3) Allocating ownership of the units, including the Article XII units, upon creation of the condominium, subject to the restrictions of Article XII of the constitution, which allocation shall be set forth in the declaration. (4) Allocation of the proceeds of the first third-party sale of any unit. Source: PL 15-49, § 2 (6513), modified.