HARRY HUGHES, Governor

4625

address of the prior unit owner, the name and address of the
purchaser, the name and address of any mortgagee, the date
of settlement, and the proportionate amounts of any
outstanding condominium fees or assessments assumed by each
of the parties to the transaction.

(I) THIS SECTION DOES NOT APPLY TO THE SALE OF ANY
UNIT WHICH IS TO BE USED AND OCCUPIED FOR NONRESIDENTIAL
PURPOSES.

[11-136.

(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. 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 §
ll-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 180-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.