Residential Unit Lease Act of 1979

[AI summary unavailable — showing source text] Residential Unit Lease Act of 1979 - Declares the purpose of this Act is to establish a private right of action for residential owners of units in cooperative housing projects to prevent abuses in the long-term leasing of project-related facilities. Exempts from the terms of this Act cooperative projects sold by a governmental unit, restricted to non-residential uses, or covered by the terms of the Condominium Act of 1979. Allows the residential owners of a project's units, through a vote of two-thirds of the units unaffiliated with the project developer, to bring suit to void as unconscionable any lease which: (1) is a lease for real estate other than a residential unit but obligates a residential unit owner to pay rent directly or through an owner's association; (2) was entered into when the project developer was in control of the owner's association; and (3) had to be accepted or ratified by the owner or the association as a condition of purchase. Sets forth standards for the courts in determining the unconscionability of such leases. Creates a presumption of unconscionability against any such lease for more than 21 years, either by its terms or through renewal provisions, which…