§514C-2  Right of first refusal.  When
the leased fee interest in land under a condominium project or cooperative
project or any part thereof is to be sold to any party other than the
association of owners or the cooperative housing corporation, the seller shall
first provide the board of directors of the association of owners or the
cooperative housing corporation with written notice delivered or mailed by
registered or certified mail, return receipt requested, postage prepaid, to any
two of the president, vice-president, or managing agent (if any), of its intent
to sell that interest, together with a complete and correct copy of the
purchaser's written offer, which offer shall contain the full and complete
terms thereof.  The association of owners or cooperative housing corporation
shall have a right of first refusal to purchase that leased fee interest for
the same price as is contained in the written purchase offer. [L 1988, c 298,
pt of §1; am L 2008, c 28, §33]