1355.03 OPTION TO PURCHASE AND NOTICE REQUIRED.
   (a)   All tenants in a conversion condominium development shall be offered an option to purchase, in writing, exercisable within not less than 120 days after notice, the tenant's unit or other condominium ownership interest in the development. At the time a tenant is offered an option to purchase, the developer shall also deliver to such tenant a copy of this chapter, or a summary thereof, which the developer may obtain from the Director of Building and Zoning.
After the expiration of such option period, tenants electing not to purchase a condominium ownership interest shall be given written notice not less than 120 days, and if the tenant is an elderly or handicapped tenant, written notice not less than 180 days, prior to being required to vacate the premises to facilitate the conversion.
   (b)   A tenant choosing not to purchase a condominium ownership interest, as provided in subsection (a) hereof, may waive his or her option and notice, provided that the tenant acknowledges, in writing, that he or she understands that the developer will, in reliance upon the tenant's waiver and agreement to vacate by a certain date, be entering into a contract to sell to parties other than the tenant and deliver possession of the condominium unit prior to the expiration of 120 day notice period, or, if the tenant is elderly or handicapped, prior to the expiration of the 180 day notice period. Any waiver contained in a lease agreement shall not be considered a waiver of a tenant's rights to be given an option and notice as provided in subsection (a) hereof.
   (c)   A tenant whose written lease remains in effect beyond the option and notice periods provided in subsection (a) and (b) hereof shall be entitled to remain in possession of the apartment throughout the entire term set forth in such lease.
   (d)   This section shall not apply to eviction proceedings for purposes or reasons other than for the purpose of converting an apartment into a condominium.
(Ord. 1985-21. Passed 4-9-85.)