When an apartment owner conveys or transfers the leasehold interest in a residential apartment to another person intending to be an owner-occupant and:
(1) The apartment is under lease during a renegotiated rent period; and
(2) The renegotiated lease rent for the apartment is greater than the applicable maximum.
The renegotiated lease rent for the apartment shall be reduced by the lessor to the maximum rent chargeable under this chapter and such reduction shall be effective as of the date of occupancy by the new owner-occupant. For the renegotiated lease rent to be so reduced, the new owner-occupant shall execute an affidavit stating that the new owner-occupant intends to occupy the apartment as long as owning the apartment.
(1990 Code, Ch. 39, Art. 1, § 39-1.11) (Added by Ord. 91-96)