PART I. 
RIGHT OF FIRST REFUSAL



 



Note



 



  Sections 514C-1 through 514C-8 designated as Part I by L
1999, c 241, §3(2).



 



§514C-1  Definitions.  For purposes of
this chapter unless the context indicates otherwise:



"Condominium" means the ownership of
single units, with common elements, located on property within the condominium
property regime.



"Condominium project" means a real
estate condominium project; a plan or project whereby a condominium of two or
more units located within the condominium property regime have been sold or
leased or are offered or proposed to be offered for sale or lease.



"Condominium unit lessee" means an
individual or individuals owning or leasing a condominium apartment or unit
situated on leasehold land.



"Cooperative housing corporation"
means a corporation having one and only one class of stock outstanding; each of
the stockholders of which is entitled solely by reason of the shareholder's
ownership of stock in the corporation, to occupy for dwelling purposes the
dwelling unit in a building, owned or leased by the corporation, and situated
on land leased by the corporation; and no stockholder of which is entitled,
either conditionally or unconditionally, to receive any distribution not out of
earnings and profits of the corporation except in a complete or partial
liquidation of the corporation.



"Cooperative project" means a real
estate cooperative housing corporation project; a plan or project whereby two
or more apartments located in a building owned by a cooperative housing corporation
have been leased or are offered or proposed to be offered to be leased.



"Cooperative unit lessee" means a
shareholder of a cooperative housing corporation having a cooperative project
located on leasehold land.



"Lessor" means the owner of the fee
simple title to land which is leased to condominium lessees or a cooperative
housing corporation, including a life tenant with a remainder over, vested or
contingent, and a holder of a defeasible estate, and the holder's heirs,
successors, legal representatives, and assigns. [L 1988, c 298, pt of §1; am L
1989, c 261, §17; am L 1990, c 34, §12; am L 2008, c 28, §32]