HARRY HUGHES, Governor

1489

(A) (1) CONCURRENTLY WITH AN OWNER OR LANDLORD ISSUING
A WRITTEN NOTICE OF INTENTION TO CREATE A CONDOMINIUM TO
ANY TENANT IN POSSESSION, THE OWNER, LANDLORD OR DEVELOPER
SHALL ISSUE A NOTICE TO EACH TENANT STATING THAT THE TENANT
SHALL HAVE THE RIGHT OF FIRST REFUSAL TO PURCHASE THE UNIT
IN WHICH THE TENANT RESIDES FOR A PERIOD OF 60 DAYS FROM THE
DATE THAT THE SECRETARY OF STATE APPROVES THE CONDOMINIUM
FOR REGISTRATION. THE NOTICE SHALL BE DEEMED AN OFFER TO
SELL TO THE TENANT UPON THE EXERCISE OF THE RIGHT OF FIRST
REFUSAL AND UPON THE TERMS CONTAINED IN THE NOTICE.

(2)  A NOTICE OF RIGHT OF FIRST REFUSAL SHALL
CONTAIN A STATEMENT OF THE PURCHASE PRICE AND A COPY OF THE
SALES CONTRACT. NO ADDITIONAL TERMS MAY NOT BE ADDED UNLESS
AGREED BY ALL PARTIES. THE NOTICE SHALL ALSO STATE THE
RIGHTS AND OBLIGATIONS OF THE TENANT AS PROVIDED FOR UNDER §
11-137(C).

(3)  THE DEVELOPER SHALL INFORM THE TENANT
IMMEDIATELY AFTER THE CONDOMINIUM IS APPROVED BY THE
SECRETARY OF STATE. THE RIGHT OF FIRST REFUSAL SHALL BE
EXERCISED BY THE TENANT EXECUTING A CONTRACT CONTAINING THE
SAME TERMS AS SET FORTH IN THE NOTICE WITHIN 60 DAYS FROM
THAT DATE. SETTLEMENT OF THE PURCHASE CONTRACT PRICE SHALL
OCCUR AS SOON AS PRACTICABLE FOLLOWING THE CONCLUSION OF THE
180 DAY NOTICE PERIOD.

(4)  A DEVELOPER SHALL OFFER THE SAME TERMS OF
SALE TO ALL TENANTS WHO RESIDE IN COMPARABLE UNITS. IF A
TENANT FAILS TO PURCHASE THE UNIT DURING THE 60 DAY PERIOD,
THE DEVELOPER MAY NOT OFFER TO DISPOSE OF AN INTEREST IN
THAT UNIT DURING THE FOLLOWING 180 DAYS DAY PERIOD PROVIDED
IN § 11-102.1 OF THIS SUBTITLE AT A PRICE OR TERMS MORE
FAVORABLE TO THE OFFEREE THAN THE PRICE OR TERMS OFFERED TO
THE TENANT.

(B)  THE TENANT'S RIGHT TO CONTRACT UNDER THIS SECTION
SHALL BE CONDITIONED UPON THE INDIVIDUAL UNIT BEING RETAINED
IN THE CONDOMINIUM WITHOUT SUBSTANTIAL ALTERATIONS IN ITS
PHYSICAL LAYOUT. IF, FOR ANY REASON, THE RENTAL UNIT SHALL
CEASE TO EXIST IN THE CONDOMINIUM REGIME OR THERE ARE
SUBSTANTIAL ALTERATIONS TO THE UNIT, THE DEVELOPER SHALL
PERMIT THE AFFECTED TENANT TO EXERCISE THE RIGHT OF FIRST
REFUSAL FOR A UNIT OF COMPARABLE SIZE AND LOCATION, IF ANY
IS AVAILABLE.

(C)  A DEVELOPER SHALL PAY ACTUAL MOVING EXPENSES, UP
TO $750, UPON PRESENTATION OF A VOUCHER, TO ANY TENANT WHO
DOES NOT EXERCISE THE RIGHT OF FIRST REFUSAL.

(D)  FAILURE TO FULFILL THE PROVISIONS OF THIS SECTION
DOES NOT AFFECT THE VALIDITY OF ANY GRANT TO A PURCHASER FOR
VALUE.

11-137.

(A) THIS SECTION IS NOT APPLICABLE TO CONDOMINIUMS OF
LESS THAN TEN UNITS.