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1979 077 Ordinance
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1979 077 Ordinance
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Last modified
11/19/2018 3:56:17 PM
Creation date
8/9/2018 9:07:51 AM
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Template:
Legislation-Meeting Minutes
Document Type
Ordinance
Number
077
Date
10/15/1979
Year
1979
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ORDINANCE NO. <br />Page -15- <br />Statement, and during the period o£ one hundred twenty (120) <br />.days following delivery of the notice of conversion and <br />the Public Offering Statement in the case of any person who <br />is over sixty (60) years of age, or who is deaf or blind or <br />who is unable to walk without assistance, any person who is <br />both a tenant on the date of delivery of notice of conversion <br />and the Public Offering Statement and also a current tenhnt_ <br />shall have the exclusive riqht of first refusal to purchase <br />his unit. <br />(2) During said period theā¢developer may offer to sell <br />said unit to prospective purchasers other than the tenant <br />at a price not less than offered to the tenant or on terms <br />not more favorable than o£fered to the tenant, and each <br />contract £or sale of the unit shall conspiciously disclose the <br />existence o£, and shall be subject to, such right of first <br />refusal. <br />(3) If during said period tenant fails to purchase the <br />unit, the developer shall not offer to sell that unit during <br />the following ninety (90) days at a price or on terms more <br />favorable to the o£feree than the price or terms offered to <br />the tenant without first making the same offer to the tenant, <br />who shall have ten (10) days therefrom within which to accept <br />the offer. <br />(i) Co-tenant's Rights. <br />(1) If there is more than one (1) tenant leasing a <br />unit then each such tenant shall be entitled to contract for <br />the purchase of a proportionate share of the unit and of a <br />proportionate share of the share of any tenant who elects not <br />to purchase. <br />(2) In no case shall this provision be deemed to authorize <br />the purchase of less than the entire interest in the unit to <br />be conveyed. <br />(j) Tenant's Right to Cancel Contract. <br />(1) A tenant may, at his election, cancel an executed <br />contract between himself and the developer for the purchase <br />of a condominium ownership interest by delivering to the <br />developer or his agent written notice of cancellation at any <br />time before midnight local time of the third day following <br />the date the contract is signed by the tenant, notwiths.tanding <br />any other provisions of this Ordinance. <br />(2) Upon receipt of a timely cancellation the developer <br />shall immediately refund any deposit, earnest money or other <br />£unds and the party shall have no further rights or liabilities <br />under the contract. Each tenant's contract for sale of the
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