HARRY HUGHES, Governor

4635

(c) A local law or ordinance adopted under subsection
(b) of this section shall provide that:

(1)  The owner shall give written notice to the
local government of the terms and conditions under which the
owner would agree to sell the rental facility;

(2)  The local government shall within 60 days
from the date on which notice was given, offer to the owner
a binding contract containing substantially the same terms
and conditions contained in the owner's notice, and which
shall be binding on the owner if the contract contains a
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]

(A) IN THIS SECTION, "RENTAL FACILITY" MEANS PROPERTY
CONTAINING 10 OR MORE DWELLING UNITS INTENDED TO BE LEASED
TO PERSONS WHO OCCUPY THE DWELLINGS AS THEIR RESIDENCES.

(A) (B) (1) A COUNTY OR AN INCORPORATED MUNICIPALITY
MAY PROVIDE, BY LOCAL LAW OR ORDINANCE, THAT A RENTAL
FACILITY MAY NOT BE GRANTED TO A PURCHASER FOR THE PURPOSE
OF SUBJECTING IT TO A CONDOMINIUM REGIME UNLESS THE COUNTY,
INCORPORATED MUNICIPALITY OR HOUSING AGENCY HAS FIRST BEEN
OFFERED IN WRITING THE RIGHT TO PURCHASE THE RENTAL FACILITY
ON SUBSTANTIALLY THE SAME TERMS AND CONDITIONS OFFERED BY
THE OWNER TO THE PURCHASER. THE LOCAL LAW OR ORDINANCE
SHALL DESIGNATE THE TITLE AND MAILING ADDRESS OF THE PERSON
TO WHOM THE OFFER TO THE COUNTY, INCORPORATED MUNICIPALITY
OR HOUSING AGENCY SHALL BE DELIVERED.

(.2) THE OFFER SHALL CONTAIN A CONTINGENCY
ENTITLING THE COUNTY, INCORPORATED MUNICIPALITY OR HOUSING
AGENCY, TO SECURE FINANCING WITHIN 180 DAYS FROM THE DATE OF
THE OFFER.