§514C-5  Offer to other prospective
purchasers; time limit.  No lessor shall sell the leased fee interest in
any land under a condominium project or cooperative project containing one or
more residential units or any part thereof to any party other than the
association of owners or cooperative housing corporation for that project until
a right of first refusal for the purchase of that interest has been offered as
required by this part and has been rejected in writing by the board of
directors, except in the case of sales to individual condominium unit lessees
or cooperative unit lessees, which shall be subject to the requirements of
section 514C-6.5; provided that an offer made pursuant to sections 514C-2,
514C-3, and 514C-6.5 shall be deemed to be rejected if not accepted in writing
by the board of directors of the condominium project or the cooperative housing
corporation within one hundred twenty days of its receipt of the written notice
from the seller, as evidenced by the return receipts, or if the sale, through
no fault of the seller, has not closed upon the purchase of one hundred per
cent of the interest being sold within one hundred eighty days of receipt by
the board of directors of such written notice, as evidenced by the return
receipts.  In the event that closing is delayed due to any fault of the seller,
the deadline for closing shall be extended for a period of time equal to the
delay caused by the seller. [L 1988, c 298, pt of §1; am L 1993, c 326, §2; am
L 1999, c 241, §3(5); am L 2008, c 28, §34]