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COUNTY LOCAL LAWS

(4)  TO CREATE RIGHTS FOR TENANTS OF COOPERATIVE PROJECT
PROPERTY INCLUDING RIGHTS TO LEAVE, EXTENDED LEASES,
PAYMENT INSTEAD OF EXTENDED LEASES, PAYMENT FOR
RELOCATION; PURCHASE OF COOPERATIVE MEMBERSHIP FOR THE
UNIT OF A TENANT; AND DISCLOSURE OF SALE OF A
COOPERATIVE MEMBERSHIP FOR A UNIT UNDER AN EXTENDED
LEASE;

(5)  TO CREATE A RIGHT FOR THE COUNTY AND A TENANT
ORGANIZATION TO PURCHASE RENTAL PROPERTY BEFORE A
DEVELOPER CAN SELL THE PROPERTY TO COOPERATIVE FOR
PURPOSES OF CONVERSION;

(6)  TO REQUIRE DEVELOPERS OF COOPERATIVE HOUSING TO
MAINTAIN ADEQUATE RESERVE FUNDS BETWEEN THE TIME OF
CONVERSION AND TRANSFER OF CONTROL TO COOPERATIVE
MEMBERS;

(7)  TO REQUIRE DEVELOPERS TO GIVE TENANTS OF COOPERATIVE
PROJECT PROPERTY NOTICE OF TENANT RIGHTS;

(8)  TO GIVE A COOPERATIVE THE RIGHT TO TERMINATE CONTRACTS
MADE BY THE DEVELOPER OF THE COOPERATIVE; AND

(9)  TO PROVIDE FOR ENFORCEMENT AND ISSUANCE OF REGULATIONS
TO IMPLEMENT THE ACT.

BY REPEALING

CHAPTER 11C, COOPERATIVE HOUSING, IN ITS ENTIRETY

BY ADDING

A NEW CHAPTER 11C, COOPERATIVE HOUSING, SECTIONS:

11C-1. DEFINITIONS.

11C-2. APPLICABILITY.

11C-3. REGISTRATION.

11C-4. PROPERTY REPORT.

11C-5. PROPERTY REPORT TO PROSPECTIVE PURCHASER.

11C-6. ENFORCEABILITY OF SUBSCRIPTION AGREEMENT.

11C-7. RIGHT TO INSPECT.

11C-8. RESCISSION OF SUBSCRIPTION AGREEMENT.

11C-9. WARRANTY.

11C-10. TENANT OPTION TO LEAVE.

11C-11. TENANT RIGHT TO EXTENDED LEASE.

11C-12. TEMPORARILY RELOCATION OF TENANTS WITH EXTENDED

LEASES
11C-13. PAYMENT INSTEAD OF EXTENDED LEASE.
11C-14. PAYMENT FOR RELOCATION.
11C-15. LEASE TERMS FOR TENANTS WHO ARE NOT UNDER

EXTENDED LEASES.
11C-16. TRANSFER OF MEMBERSHIP FOR UNIT UNDER EXTENDED

LEASE.
11C-17. TENANT RIGHT TO PURCHASE MEMBERSHIP.

11C-18. COUNTY AND TENANT RIGHT TO PURCHASE RENTAL PROPERTY.
11C-19. DISCLOSURE OF RENTAL PROPERTY INFORMATION.
11C-20. TRANSFERS EXEMPT FROM COUNTY OR TENANT RIGHT TO

PURCHASE RENTAL PROPERTY.