(a) All tenants of the owner in a conversion condominium development shall be given minimum ninety days written notice of the owner's intention to convert to condominium, and that the tenant's suite will be offered for sale to the public if not purchased by the tenant. Within such ninety days, each tenant shall have the right of first refusal of such tenant's suite by giving written notice to the owner of the tenant's intention to purchase. After giving such written notice to the owner, each tenant shall have an additional 120 days to enter into a contract for the purchase of the tenant's suite and obtain financing.
(b) Should the tenant not purchase the suite, each tenant shall have the following additional time prior to vacating the suites:
(1) Each tenant shall have one month for each twelve months that such persons have been tenants at the apartment house, or multi-family use, with a minimum of four months and a maximum of twelve months. If any tenant is over 65 years old, such tenant shall be given a minimum of six months to vacate.
(c) This section shall not apply to evictions for purposes other than for the purpose of converting an apartment or multi-family building into a condominium development.
(d) During any period of time when a tenant, not agreeing to purchase their suite, holds over under the protection of this section, the owner may raise the rental not higher than the average of any increase in the Consumer Price Index maintained by the U.S. Department of Labor for the preceding twelve months.
(Ord. 7215-00. Passed 3-6-00.)