HARRY HUGHES, Governor

3277

(2) IF THE BOUNDARIES OF A PORTION OF THE RESIDENTIAL
RENTAL FACILITY OCCUPIED BY A TENANT AS THE TENANT'S RESIDENCE DO
NOT COINCIDE WITH THE BOUNDARIES OF A PROPOSED UNIT, THEN, TO THE
EXTENT REASONABLE AND PRACTICABLE, THE OWNER SHALL OFFER IN
WRITING TO THAT TENANT THE RIGHT TO PURCHASE A SUBSTANTIALLY
EQUIVALENT COOPERATIVE INTEREST. 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 AND SHALL CONTAIN
THE STATEMENTS REQUIRED BY PARAGRAPH (2) OF SUBSECTION (A) OF
THIS SECTION.

(C)  UNLESS WRITTEN ACCEPTANCE OF AN OFFER MADE UNDER
SUBSECTION (A) OR (B) OF THIS SECTION IS FIRST DELIVERED TO THE
OWNER BY THE TENANT, THE OFFER SHALL TERMINATE, WITHOUT FURTHER
ACT, UPON THE EARLIER TO OCCUR OF:

(1)  TERMINATION OF THE LEASE BY THE TENANT; OR

(2)  60 DAYS AFTER THE OFFER IS DELIVERED TO THE
TENANT.

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

(E)  (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, IF THE OFFER TERMINATES, THE OWNER MAY NOT OFFER TO
SELL THAT COOPERATIVE INTEREST AT A PRICE OR ON TERMS AND
CONDITIONS MORE FAVORABLE TO THE OFFEREE THAN THE PRICE, TERMS,
AND CONDITIONS OFFERED TO THE TENANT DURING THE 180-DAY PERIOD
FOLLOWING THE GIVING OF THE NOTICE REQUIRED BY § 5-6B-05 OF THIS
TITLE SUBTITLE.

(2) THE OWNER MAY REOFFER TO SELL THAT COOPERATIVE
INTEREST TO THE TENANT ON TERMS AND CONDITIONS MORE FAVORABLE TO
THE OFFEREE, AND IF THE OWNER DOES SO, THE OFFER SHALL SUPERCEDE
THE FIRST OFFER.

(F)  WITHIN 75 DAYS AFTER THE GIVING OF THE NOTICE REQUIRED
BY § 5-6B-05 OF THIS TITLE SUBTITLE, THE DEVELOPER SHALL PROVIDE
TO ANY COUNTY, INCORPORATED MUNICIPALITY, OR HOUSING AGENCY WHICH
HAS A RIGHT TO PURCHASE COOPERATIVE INTERESTS IN THE RESIDENTIAL
RENTAL FACILITY UNDER § 5-6B-09 OF THIS SUBTITLE A LIST OF THE
NAMES AND UNITS OF ALL TENANTS WHO HAVE VALIDLY ACCEPTED OFFERS
MADE UNDER THIS SECTION WITHIN 60 DAYS OF THE GIVING OF THE
NOTICE REQUIRED BY § 5-6B-05 OF THIS SUBTITLE, EXCEPT THOSE
OFFERS WHICH HAVE TERMINATED BECAUSE OF THE GRANTING OF AN
EXTENDED LEASE UNDER § 5-6B-07 OF THIS SUBTITLE.

(G)  IF A MEMBERSHIP CERTIFICATE FOR A UNIT CONTAINS AN
AFFIDAVIT BY THE ISSUER OR TRANSFEROR THAT THE PROVISIONS OF THIS
SECTION HAVE BEEN FULFILLED, THEN THE HOLDER OR TRANSFEREE TAKES