§1141.15. Termination of the planned community
A. A planned community may be terminated only by a two-thirds vote, or any greater
percentage that the declaration specifies, and with any other approvals required by the
declaration.
B. A termination agreement shall be prepared and executed on behalf of the
association by an authorized officer or agent of the association and filed for registry in
accordance with R.S. 9:1141.4(D). A termination agreement shall contain a certification that
the minimum voting requirements have been met.
C. If a termination agreement provides for the transfer of ownership of all or a
portion of the common areas and limited common areas, the association, on behalf of the lot
owners, may contract for the transfer of ownership of common areas and limited common
areas, but the contract is not binding on the lot owners until the termination agreement is
approved and filed for registry pursuant to this Section. As long as the association owns the
common areas and limited common areas, the lot owners and their successors continue to
have the right to use and enjoy the areas in accordance with their intended purpose and
remain liable for all assessments and other obligations imposed on lot owners by this Part
or the declaration.
D. The existence of the association is not affected by the termination agreement.
Until the common areas and limited common areas within the planned community are
transferred following termination, ownership of the common areas and limited common areas
remains with the association.
E. Following termination of the planned community, the proceeds from any transfers
of ownership of common areas, limited common areas, and other property of the association
shall be paid to the association for the benefit of the lot owners and holders of security rights
in the property, as their interests may appear. Proceeds available to lot owners and holders
of security rights in lots shall be distributed in accordance with R.S. 9:1141.6.
Acts 2024, No. 158, §2, eff. Jan. 1, 2025.