HARRY HUGHES, Governor

1491

(3) (2) HAS NOT FAILED TO PAY RENT DUE IN A
TIMELY FASHION OR VIOLATED ANY OTHER MATERIAL TERM OF THE
TENANCY;

(4) (3) HAS NOTIFIED THE DEVELOPER IN WRITING
NOT LESS THAN WITHIN 60 DAYS AFTER RECEIPT OF NOTICE OF
INTENTION TO CREATE A CONDOMINIUM:

(I)  THAT THE FAMILY IS A DESIGNATED
FAMILY; AND

(II)  THAT THE FAMILY WILL NOT PURCHASE ITS
UNIT AT THAT TIME; AND

(5) (4) HAS PROVIDED THE DEVELOPER WITH
NOTARIZED DOCUMENTATION OF THE FAMILY'S ANNUAL INCOME NOT
LESS THAN WITHIN 180 DAYS AFTER NOTICE OF INTENTION TO
CREATE A CONDOMINIUM.

(D)  IF A DESIGNATED FAMILY EXERCISES ITS RIGHTS UNDER
THIS SECTION, AT THE END OF THE 180 DAYS OR THE EXPIRATION
OF THE CURRENT LEASE, WHICHEVER OCCURS LATER, A NEW LEASE
SHALL BE EXECUTED FOR THE REMAINDER OF THE 3 YEAR PERIOD.
THE DEVELOPER OR ANY SUBSEQUENT TITLE HOLDER MAY INCREASE
THE RENTAL FEE OF THE UNIT, IN AN AMOUNT NOT TO EXCEED A AN
QUARTERLY ANNUAL COST-OF-LIVING INCREASE AS COMPUTED FOR THE
RENT COMPONENT OF THE CONSUMER PRICE INDEX PREPARED BY THE
UNITED STATES DEPARTMENT OF LABOR.

(E)  A DESIGNATED FAMILY WHICH EXERCISES ITS RIGHTS
UNDER THIS SECTION SHALL NOT BE DENIED AN OPPORTUNITY TO BUY
A UNIT AT A LATER DATE.

(F)  A DESIGNATED FAMILY MAY TERMINATE ITS EXTENDED
LEASE AT ANY TIME, WITH NOTICE TO THE DEVELOPER OR ANY
SUBSEQUENT TITLEHOLDER:

(1)  AT LEAST A 1 MONTH NOTICE IN WRITING SHALL
BE GIVEN WHEN LESS THAN 12 MONTHS REMAINS ON THE LEASE;

(2)  AT LEAST A 3 MONTH NOTICE IN WRITING SHALL
BE GIVEN WHEN 12 MONTHS OR MORE REMAIN ON THE LEASE.

(G)  THE TITLE TO UNITS SUBJECT TO THE PROVISIONS OF
THIS SECTION MAY BE TRANSFERRED, PROVIDED THAT:

(1)  THE PROVISIONS OF THIS SECTION CONTINUE TO
APPLY DESPITE ANY TRANSFER OF TITLE TO A UNIT OCCUPIED BY A
DESIGNATED FAMILY AS PROVIDED HEREIN;

(2)  THE DESIGNATED FAMILY IS PROVIDED WRITTEN
NOTICE OF THE CHANGE OF OWNERSHIP OF TITLE BY THE NEW
TITLEHOLDER; AND

(3)  THE VENDOR OF ANY SUCH UNIT PROVIDES THE
PURCHASER WRITTEN DISCLOSURE THAT THE UNIT IS OCCUPIED BY A
DESIGNATED FAMILY SUBJECT TO THE PROVISIONS OF THIS SECTION