AZ HB2780

Requires termination agreements to include unit owner signatures with printed names and unit numbers, along with notarized certification by the person presenting the agreement that owners freely agreed to its content.

Mandates the board of directors hold a special open meeting within 15-30 days of receiving a termination agreement, allowing unit owners to speak before the board votes to ratify the agreement, with ratification required if legitimate reasons for delay are not presented.

Specifies that termination agreements must describe the proposed organizational structure for decision-making and common property management post-termination, including continued assessment obligations and maintenance responsibilities.

Restricts termination agreements from changing unit owner voting rights, allocated interests, or adding use restrictions unless those restrictions were disclosed in the previous declaration.

Clarifies that recording a termination agreement extinguishes the previous declaration, association, corporate status, bylaws, and non-assessment liens and fines, while allowing a purchaser of entire condominium property to terminate the declaration without obtaining unit owner consent.