1494                                    LAWS OF MARYLAND                                 Ch. 246

CONTINGENCY ENTITLING THE LOCAL GOVERNMENT TO SECURE
FINANCING WITHIN 180 DAYS FROM THE DATE NOTICE WAS GIVEN;

(3)  THE SETTLEMENT OF THE CONTRACT OF SALE
BETWEEN THE OWNER AND THE LOCAL GOVERNMENT SHALL OCCUR
WITHIN 180 DAYS FROM THE DATE THAT NOTICE WAS GIVEN;

(4)  THE OWNER AND THE LOCAL GOVERNMENT MAY AGREE
BY THE TERMS OF THE CONTRACT TO EXTEND THE DATE WITHIN WHICH
THE LOCAL GOVERNMENT SHALL SECURE FINANCING, AND WITHIN
WHICH SETTLEMENT SHALL OCCUR;

(5) (I) IF THE LOCAL GOVERNMENT FAILS TO
EXERCISE ITS RIGHT OF FIRST REFUSAL, THE OWNER .SHALL HAVE
THE RIGHT TO ENTER INTO A CONTRACT WITH ANY OTHER PURCHASER
UNDER SUBSTANTIALLY THE SAME TERMS AND CONDITIONS AS
CONTAINED IN THE NOTICE TO THE LOCAL GOVERNMENT; AND

(II) THE PURCHASER MAY PROCEED WITH THE
CREATION OF A CONDOMINIUM REGIME; AND

(6)  IF THE LOCAL GOVERNMENT PURCHASES THE RENTAL
FACILITY, IT SHALL RETAIN OR PROVIDE FOR THE RETENTION OF
THE PROPERTY AS A RENTAL FACILITY FOR AT LEAST 3 YEARS FROM
THE DATE OF ACQUISITION.

(D)  A LOCAL LAW OR ORDINANCE ADOPTED UNDER SUBSECTION
(B) OF THIS SECTION MAY PROVIDE THAT THE OWNER OF A RENTAL
FACILITY CONTAINING TEN OR MORE UNITS SHALL BE EXEMPT FROM
THE PROVISIONS OF THIS SECTION IF THE PURCHASER OF THE
RENTAL FACILITY ENTERS INTO AN AGREEMENT WITH THE LOCAL
GOVERNMENT TO RETAIN THE PROPERTY AS A RENTAL FACILITY FOR A
PERIOD NOT TO EXCEED 3 YEARS AFTER THE DATE OF ACQUISITION
OF THE PROPERTY.

(E)  A RIGHT OF FIRST REFUSAL PROVIDED FOR UNDER THIS
SECTION SHALL NOT APPLY TO ANY OF THE FOLLOWING TRANSFERS OF
RENTAL FACILITIES:

(I)  ANY TRANSFER MADE PURSUANT TO THE' TERMS OF A
BONA FIDE MORTGAGE OR DEED OF TRUST AGREEMENT;

(II)  ANY TRANSFER TO A MORTGAGEE IN LIEU OF
FORECLOSURE OR ANY TRANSFER PURSUANT TO ANY OTHER
PROCEEDINGS, ARRANGEMENT OR DEED IN LIEU OF FORECLOSURE;

(III)  ANY TRANSFER MADE PURSUANT TO A JUDICIAL
SALE OR OTHER JUDICIAL PROCEEDING BROUGHT TO SECURE PAYMENT
OF A DEBT OR FOR THE PURPOSE OF SECURING THE PERFORMANCE OF
AN OBLIGATION;

(IV)  ANY TRANSFER OF THE INTEREST OF ONE
CO-TENANT TO ANOTHER CO-TENANT BY OPERATION OF LAW OR
OTHERWISE;

(V)  ANY TRANSFER MADE BY WILL OR DESCENT OR BY
INTESTATE DISTRIBUTION;