§ 26-6-7. Purchase rights of individual tenant in possession.

(a)

Right of first refusal of tenant to accept offer of sale. Subject to section 26-6-2, any offer by the developer for the initial sale, of a rental unit following conversion to condominium ownership shall be communicated by the developer by certified mail to the tenant in possession of that unit. The tenant shall have a right of first refusal to accept any such offer to sell the unit for sixty (60) days following receipt by the tenant of the offer to sell. The acceptance or refusal of any such offer must be in writing. An offer to sell may be accepted or rejected by the tenant at any time during the sixty (60) day period. An offer to a tenant must include at a minimum:

(1)

The asking price and material terms of the sale;

(2)

A statement that the tenant has the right to purchase the accommodation under this article;

(3)

A statement as to whether a contract with a third party exists for sale of the unit and that the owner shall make a copy available to the tenant within seven (7) days after receiving a request;

(4)

A statement that the owner shall make available to the tenant an itemized list of monthly operating expenses, utility consumption rates, and capital expenditures for the unit for each of the two (2) preceding calendar years within seven (7) days after receiving a request. The owner shall provide information in sufficient detail to enable the tenant to make an accurate cost estimate in support of an application for financing or financial assistance.

(b)

Right of tenant to match third party offer to purchase. Subject to section 26-6-2, any offer by a third party for the initial purchase of a rental unit following conversion to condominium ownership shall be communicated by the developer by certified mail to the tenant in possession of that unit. The tenant shall have thirty (30) days following receipt of notice of any third party offer to make a written offer to the developer to purchase the unit at the same price and terms as offered by the third party. A developer in possession of such identical valid offers to purchase shall not accept the third party offer in preference to the tenant's offer.

(Ord. No. 400-H, § 1(16A-1-7), 7-30-80)