1999 Minnesota Statutes

     504.201 Restriction on lease terms for buildings in 
  financial distress. 

    Subdivision 1.    Definitions.  The definitions of 
 "owner," "tenant," and "building" in section 566.18 apply to 
 this section.  For purposes of this section, the term "building" 
 does not include a manufactured home park as defined in section 
 327C.01, subdivision 5. 

    Subd. 2.    Lease terms.  Once an owner has received 
 notice of a contract for deed cancellation under section 559.21 
 or notice of a mortgage foreclosure sale under chapter 580 or 
 582, the owner may enter into a periodic lease agreement with a 
 term of two months or less or a fixed term tenancy not extending 
 beyond the cancellation period or owner's period of redemption 
 until: 

    (1) the contract for deed has been reinstated or paid in 
 full; 

    (2) the mortgage default has been cured and the mortgage 
 reinstated; 

    (3) the mortgage has been satisfied; 

    (4) the property has been redeemed from a foreclosure sale; 
 or 

    (5) a receiver has been appointed. 

    HIST: 1993 c 317 s 3 

*   NOTE:  This section is repealed by Laws 1998, chapter 253, 
*section 80, effective July 1, 1999.  Laws 1998, chapter 253, 
*section 81.