HARRY HUGHES, Governor

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THAN THOSE OFFERED BY THE OWNER TO THE COUNTY, INCORPORATED
MUNICIPALITY, OR HOUSING AGENCY.

(4) IF THE COUNTY, INCORPORATED MUNICIPALITY, OR
HOUSING AGENCY PURCHASES THE RESIDENTIAL RENTAL FACILITY, IT
SHALL RETAIN OR PROVIDE FOR THE RETENTION OF THE PROPERTY AS A
RESIDENTIAL RENTAL FACILITY FOR AT LEAST 3 YEARS FROM THE DATE OF
ACQUISITION.

(B)  A LOCAL LAW OR ORDINANCE ADOPTED UNDER SUBSECTION (A)
OF THIS SECTION MAY PROVIDE THAT THE OWNER OF A RESIDENTIAL
RENTAL FACILITY IS EXEMPT FROM THE PROVISIONS OF THIS SECTION IF
THE PURCHASER OF THE RENTAL FACILITY ENTERS INTO AN AGREEMENT
WITH THE COUNTY, INCORPORATED MUNICIPALITY, OR HOUSING AGENCY TO
RETAIN THE PROPERTY AS A RESIDENTIAL RENTAL FACILITY FOR A PERIOD
NOT TO EXCEED 3 YEARS AFTER THE DATE OF ACQUISITION OF THE
PROPERTY.

(C)  THE PROVISIONS OF ANY LOCAL LAW OR ORDINANCE ADOPTED
UNDER THIS SECTION SHALL NOT APPLY TO THE FOLLOWING TRANSFERS OF
A RESIDENTIAL RENTAL FACILITY:

(1)  A TRANSFER MADE UNDER AS A RESULT OF A

FORECLOSURE MADE UNDER THE TERMS OF A MORTGAGE OR DEED OR OF
TRUST;

(2)  A TRANSFER TO A MORTGAGEE IN LIEU OF FORECLOSURE
OR A TRANSFER UNDER OTHER PROCEEDINGS, ARRANGEMENT OR DEED IN
LIEU OF FORECLOSURE;

(3)  A TRANSFER MADE UNDER 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;

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

(5)  A TRANSFER MADE BY WILL OR DESCENT OR BY
INTESTATE DISTRIBUTION;

(6)  A TRANSFER MADE TO A MUNICIPAL OR COUNTY
GOVERNMENT, TO THE STATE GOVERNMENT, OR TO AN AGENCY,
INSTRUMENTALITY, OR POLITICAL SUBDIVISION OF GOVERNMENT;

(7)  A TRANSFER TO A SPOUSE, SON, OR DAUGHTER;

(8)  A TRANSFER MADE UNDER THE LIQUIDATION OF A
PARTNERSHIP OR CORPORATION; OR

(9)  A TRANSFER WITHIN INTO A PARTNERSHIP OR
CORPORATION WHOLLY OWNED BY THE PERSON(S) SO CONTRIBUTING.

(D)  A COUNTY, INCORPORATED MUNICIPALITY, OR HOUSING AGENCY,
BY EXECUTION AND DELIVERY BY THE APPROPRIATE OFFICIAL TO THE
GRANTOR OF AN INSTRUMENT IN RECORDABLE FORM, MAY WAIVE ITS RIGHT