WILLIAM DONALD SCHAEFER, Governor                      Ch. 96

(III) AN OWNER SHALL RETURN TO A PERSON THAT
PERSON'S ENTIRE DEPOSIT MADE IN ACCEPTANCE OF AN OWNER'S OFFER IF
THE SECRETARY DETERMINES UNDER SUBPARAGRAPH (II) OF THIS
PARAGRAPH THAT ANOTHER PERSON SHALL HAVE THE RIGHT TO ACCEPT THE
OWNER'S OFFER.

(2)  IF THE FIRST ORIGINAL ACCEPTING PARTY
SUBSEQUENTLY WITHDRAWS ITS ACCEPTANCE OF THE OWNER'S OFFER, ANY
OF THE REMAINING PARTIES IDENTIFIED IN SUBSECTION (A) OF THIS
SECTION SHALL HAVE THE RIGHT TO ACCEPT THE OWNER'S OFFER UNTIL 60
DAYS AFTER IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (1) OF
THIS SUBSECTION DURING THE 60-DAY PERIOD FOLLOWING THE DATE ON
WHICH THE ORIGINAL ACCEPTING PARTY WITHDRAWS ITS ACCEPTANCE, OR
THE ORIGINAL 120-DAY ACCEPTANCE PERIOD, WHICHEVER IS LONGER.

(3)  ANY SUCH ACCEPTANCE MUST BE FOLLOWED BY
SETTLEMENT OF THE PURCHASE OF THE ASSISTED PROJECT BY THE OWNER'S
STATED CLOSING DATE OR ANY EXTENSION AGREED TO BY THE OWNER.

(F)  (1) IF THE OWNER. IS OBLIGATED IN CONNECTION WITH THE
OWNER'S OFFER TO SUBMIT AN APPRAISAL IN ACCORDANCE WITH
SUBSECTION (D)(2) OF THIS SECTION, ANY ACCEPTANCE BY A PARTY
HEREUNDER OF THE OWNER'S OFFER MAY CONTAIN NOTICE THAT THE
PURCHASE PRICE OF THE OWNER'S OFFER IS DEEMED ADJUSTED TO A PRICE
BASED ON AN ALTERNATE FAIR MARKET VALUATION. SUCH VALUATION
SHALL BE SUPPORTED BY DELIVERY TO THE OWNER OF A WRITTEN
APPRAISAL PREPARED BY AN APPRAISER SELECTED BY THE PARTY
EXERCISING THE RIGHT OF FIRST PURCHASE.

(2)  IF THE OWNER OBJECTS TO THE ADJUSTED PURCHASE
PRICE ESTABLISHED BY SUCH APPRAISAL, THE OWNER AND THE ACCEPTING
PARTY SHALL HAVE THE OPTION TO EITHER:

(I) SET THE PURCHASE PRICE AT THE AVERAGE OF THE
FAIR MARKET VALUATIONS EACH PARTY HAS OBTAINED BY APPRAISAL; OR

(II)  HAVE THE 2 APPRAISERS SELECT A THIRD
APPRAISER, WHOSE FEE SHALL BE SHARED EQUALLY, AND WHOSE FAIR
MARKET VALUATION SHALL BE BINDING ON THE OWNER AND THE PARTY
EXERCISING THE RIGHT OF FIRST PURCHASE.

(3)  TO BE ENTITLED TO SUBMIT AN APPRAISAL UNDER THIS
TITLE, ALL APPRAISERS SHALL BE MEMBERS IN GOOD STANDING OF THE
AMERICAN INSTITUTE OF REAL ESTATE APPRAISERS OR THE SOCIETY OF
REAL ESTATE APPRAISERS, OR SHALL HAVE SUCH OTHER QUALIFICATIONS
APPROVED BY THE SECRETARY.

(G)  AT THE SETTLEMENT OF ANY PURCHASE OF THE ASSISTED
PROJECT UNDER A RIGHT OF FIRST PURCHASE, THE PURCHASER SHALL
EXECUTE AND RECORD A COVENANT RUNNING WITH THE LAND IN A FORM
APPROVED BY THE SECRETARY THAT SHALL RESTRICT THE USE OF ALL
ASSISTED UNITS AT THE PROPERTY TO RESIDENTIAL RENTAL PROPERTY FOR

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