§ 34-45-6 Notice of discontinuance. –(a) Not less than two (2) years prior to:
(1) Selling, leasing, or disposing of prepaying obligationssecured by a federally insured or assisted development in a manner which wouldresult in either:
(i) A discontinuance of the use of the development as afederally insured or assisted housing development, or
(ii) Cause the termination or expiration of any userestrictions which apply to the development; or
(2) Recording a declaration of condominium, pursuant tochapter 36.1 of this title,
With respect to all or any portion of a federally insured orassisted development, the owner shall provide written notice of such sale,lease, disposition, or prepayments to:
(i) Each tenant of the development,
(ii) The tenant association of the development,
(iii) The corporation,
(iv) The department,
(v) The housing authority of the city or town in which thedevelopment is located, and
(vi) The city or town council of the city or town in whichthe development is located.
(b) A copy of any notice required by this section shall befiled in the land evidence records of the city or town in which the developmentis located.
(c) No sale, lease, or disposition of or prepayment of anyobligations secured by a federally insured or assisted development in a mannerwhich would result in either:
(1) A discontinuance of the use of the development as afederally insured or assisted housing development; or
(2) Cause the termination or expiration of any userestrictions which apply to the development,
Shall be valid unless the notices required by this sectionshall have first been provided and filed as required hereunder.
(d) The declaration of a condominium of a federally insuredor assisted development which is otherwise valid will not be invalid under thissection if consummated within two (2) years of notice if the owner records anagreement to maintain existing use restrictions with regard to those unitswhich are federally insured or assisted for the duration of the two (2) yearnotice period in the appropriate office of land records and provide thecorporation with a copy of that agreement.
§ 34-45-6 Notice of discontinuance. –(a) Not less than two (2) years prior to:
(1) Selling, leasing, or disposing of prepaying obligationssecured by a federally insured or assisted development in a manner which wouldresult in either:
(i) A discontinuance of the use of the development as afederally insured or assisted housing development, or
(ii) Cause the termination or expiration of any userestrictions which apply to the development; or
(2) Recording a declaration of condominium, pursuant tochapter 36.1 of this title,
With respect to all or any portion of a federally insured orassisted development, the owner shall provide written notice of such sale,lease, disposition, or prepayments to:
(i) Each tenant of the development,
(ii) The tenant association of the development,
(iii) The corporation,
(iv) The department,
(v) The housing authority of the city or town in which thedevelopment is located, and
(vi) The city or town council of the city or town in whichthe development is located.
(b) A copy of any notice required by this section shall befiled in the land evidence records of the city or town in which the developmentis located.
(c) No sale, lease, or disposition of or prepayment of anyobligations secured by a federally insured or assisted development in a mannerwhich would result in either:
(1) A discontinuance of the use of the development as afederally insured or assisted housing development; or
(2) Cause the termination or expiration of any userestrictions which apply to the development,
Shall be valid unless the notices required by this sectionshall have first been provided and filed as required hereunder.
(d) The declaration of a condominium of a federally insuredor assisted development which is otherwise valid will not be invalid under thissection if consummated within two (2) years of notice if the owner records anagreement to maintain existing use restrictions with regard to those unitswhich are federally insured or assisted for the duration of the two (2) yearnotice period in the appropriate office of land records and provide thecorporation with a copy of that agreement.
§ 34-45-6 Notice of discontinuance. –(a) Not less than two (2) years prior to:
(1) Selling, leasing, or disposing of prepaying obligationssecured by a federally insured or assisted development in a manner which wouldresult in either:
(i) A discontinuance of the use of the development as afederally insured or assisted housing development, or
(ii) Cause the termination or expiration of any userestrictions which apply to the development; or
(2) Recording a declaration of condominium, pursuant tochapter 36.1 of this title,
With respect to all or any portion of a federally insured orassisted development, the owner shall provide written notice of such sale,lease, disposition, or prepayments to:
(i) Each tenant of the development,
(ii) The tenant association of the development,
(iii) The corporation,
(iv) The department,
(v) The housing authority of the city or town in which thedevelopment is located, and
(vi) The city or town council of the city or town in whichthe development is located.
(b) A copy of any notice required by this section shall befiled in the land evidence records of the city or town in which the developmentis located.
(c) No sale, lease, or disposition of or prepayment of anyobligations secured by a federally insured or assisted development in a mannerwhich would result in either:
(1) A discontinuance of the use of the development as afederally insured or assisted housing development; or
(2) Cause the termination or expiration of any userestrictions which apply to the development,
Shall be valid unless the notices required by this sectionshall have first been provided and filed as required hereunder.
(d) The declaration of a condominium of a federally insuredor assisted development which is otherwise valid will not be invalid under thissection if consummated within two (2) years of notice if the owner records anagreement to maintain existing use restrictions with regard to those unitswhich are federally insured or assisted for the duration of the two (2) yearnotice period in the appropriate office of land records and provide thecorporation with a copy of that agreement.
