§514C-6.5  Sales to individual lessees. 
Notwithstanding any other provision in this part to the contrary, a lessor may
sell the leased fee interest in any land under a condominium project or
cooperative project or any part thereof to individual condominium unit lessees
or cooperative unit lessees; provided that the following requirements have been
complied with:



(1)  No individual lessee shall be obligated to enter
into a contract to purchase without having been afforded a period of at least
ninety days within which to consider the offer made by the lessor; provided
that the individual lessee may enter into a contract to purchase before the
ninety days expires if the individual lessee so desires.  The lessee shall
further have the right to terminate such contract to purchase without penalty
for a period of ninety days from the date the contract was first entered into;



(2)  At the time any offer to sell the leased fee
interest is communicated to the lessee by the lessor, the association of owners
or cooperative housing corporation shall be provided 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 the lessor's intent to sell the interest, together with a complete
and correct copy of the offer, which offer shall contain the full and complete
terms thereof.  Except as provided in paragraph (3), where the board of
directors of the association of owners or cooperative housing corporation has
written authorization to represent its members, then 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; provided that the offer 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 written notice from the seller, as evidenced by the return receipts;



(3)  Any board of directors of the association of
owners or cooperative housing corporation may fully or partially waive its
right of first refusal at any time with written notice to the lessor; provided
that it shall waive its right of first refusal with respect to the leased fee
interest appurtenant to a lessee's apartment at the written request of the
lessee.  The legislature hereby gives the board of directors of the association
of owners or cooperative housing corporation the authority to exercise the
foregoing waiver without having to amend any bylaws, charter, or other
governing documents;



(4)  Notwithstanding any provision contained in any
bylaws, any amendment thereto, or written authorization authorizing the board
of directors of the association of owners or cooperative housing corporation to
represent the individual lessees in the lease-to-fee conversion, each lessee shall
have the right to represent oneself in such lease-to-fee conversion by giving
written notice of such desire to the lessor and the board of directors; and



(5)  After the lessor (or its agent or representative)
has been able to hold one meeting with the lessees and has been able to provide
a written summary of the meeting to the lessees, then for a period of ninety
days thereafter, the lessor, its agents, employees, and representatives, shall
not initiate communication with the lessees regarding the offer, although such
parties may respond to inquiries made by lessees. [L 1993, c 326, §1; am L
1999, c 241, §3(6); am L 2008, c 28, §36]