3276

LAWS OF MARYLAND

Ch. 834

(A)  (1) AN OWNER REQUIRED TO GIVE NOTICE UNDER § 5-6B-05 OF
THIS SUBTITLE SHALL OFFER IN WRITING TO EACH TENANT ENTITLED TO
RECEIVE THAT NOTICE THE RIGHT TO PURCHASE THE COOPERATIVE
INTEREST WHICH IS COUPLED WITH THE PROPRIETARY LEASE FOR THAT
PORTION OF THE RESIDENTIAL RENTAL FACILITY OCCUPIED BY THE TENANT
AS THE TENANT'S RESIDENCE. THE OFFER SHALL BE AT A PRICE AND ON
TERMS AND CONDITIONS AT LEAST AS FAVORABLE AS THE PRICE, TERMS,
AND CONDITIONS OFFERED FOR THE COOPERATIVE INTEREST WHICH IS
COUPLED WITH THE PROPRIETARY LEASE FOR THAT PORTION OF THE
RESIDENTIAL RENTAL FACILITY TO ANY OTHER PERSON DURING THE
180-DAY PERIOD FOLLOWING THE GIVING OF THE NOTICE REQUIRED BY §
5-6B-05 OF THIS SUBTITLE. SETTLEMENT CANNOT BE REQUIRED ANY
EARLIER THAN 120 DAYS AFTER THE OFFER IS ACCEPTED BY THE TENANT.

(2) (I) THE COOPERATIVE HOUSING CORPORATION SHALL
ADOPT UNIFORM OBJECTIVE STANDARDS CONCERNING FINANCIAL
RESPONSIBILITY WHICH SHALL APPLY TO ALL TENANTS AND INITIAL
PURCHASERS.

(II) THE TENANT'S ACCEPTANCE OF THE OWNER'S
OFFER IS CONDITIONED ON THE TENANT MEETING THE FINANCIAL
STANDARDS ESTABLISHED BY THE COOPERATIVE HOUSING CORPORATION
UNDER SUBPARAGRAPH (I) OF THIS PARAGRAPH.

(2) (3) THE OFFER TO EACH TENANT SHALL BE MADE
CONCURRENTLY WITH THE GIVING OF THE NOTICE REQUIRED BY § 5-6B-05
OF THIS SUBTITLE, SHALL BE A PART OF THAT NOTICE, AND SHALL STATE
THAT:

(I)  THE OFFER WILL TERMINATE UPON THE EARLIER
TO OCCUR OF TERMINATION OF THE LEASE BY THE TENANT OR 60 DAYS
AFTER DELIVERY;

(II)  ACCEPTANCE OF THE OFFER BY A TENANT WHO
MEETS THE CRITERIA FOR AN EXTENDED LEASE UNDER § 5-6B-07(B) OF
THIS SUBTITLE IS CONTINGENT UPON THE TENANT NOT RECEIVING- AN
EXTENDED LEASE;

(III)  SETTLEMENT CANNOT BE REQUIRED EARLIER
THAN 120 DAYS AFTER ACCEPTANCE BY THE TENANT; AND

(IV)  THE HOUSEHOLD IS ENTITLED TO REIMBURSEMENT
FOR MOVING EXPENSES AS PROVIDED IN SUBSECTION (H).

(3) (4) DELIVERY OF A NOTICE IN THE FORM SPECIFIED IN
§ 5-6B-05(F) OF THIS SUBTITLE MEETS THE REQUIREMENTS OF
SUBSECTION (A) OF THIS SECTION.

(B)  (1) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (A) OF
THIS SECTION, AN OWNER MAY MAKE ALTERATIONS OR ADDITIONS TO THE
SIZE, LOCATION, CONFIGURATION, AND PHYSICAL CONDITION OF THE
RESIDENTIAL RENTAL FACILITY. THE DEVELOPER IS NOT REQUIRED TO
MAKE THE BOUNDARIES OF A PORTION OF THE RESIDENTIAL RENTAL
FACILITY OCCUPIED BY A TENANT AS THE TENANT'S RESIDENCE COINCIDE
WITH THE BOUNDARIES OF A PROPOSED UNIT.