Loading...
(a) Extended lease offer.
(1) A developer must offer extended leases to eligible tenants until at least twenty (20) percent of the units are under extended leases.
(2) The tenants eligible for an extended lease include:
(i) Low-income senior tenants;
(ii) Low-income handicapped tenants;
(iii) Senior tenants who are not low-income;
(iv) Handicapped tenants who are not low-income; and
(v) Low-income tenants who are not senior or handicapped.
(3) If the number of eligible tenants exceeds twenty (20) percent of the units, the developer must grant extended leases on the basis of continuous residence within the building:
(i) First to senior or handicapped low-income tenants;
(ii) Second to senior or handicapped tenants who are not low-income; and
(iii) Third to low-income tenants who are not senior or handicapped.
(b) Extended lease provisions.
(1) The length of an extended lease is:
(i) For low-income senior and low-income handicapped tenants, the lifetime of the senior or handicapped tenants who live in the unit when the developer gives notice of tenant rights under section 11C-23; and
(ii) For other eligible tenants, three (3) years.
(2) A rent increase under an extended lease is limited to:
(i) A maximum percentage increase that does not exceed the rent component of the U.S. Consumer Price Index for urban wage earners and clerical workers, U.S. Department of Labor, for the most recent twelve-month period; and
(ii) A minimum period of at least twelve (12) months between increases.
(3) Other extended lease terms follow those of the lease that was in effect immediately before the tenant received the notice of intent to convert.
(c) Later option to purchase unit. A tenant who is eligible for an extended lease may instead exercise the right to purchase a membership under section 11C-17.
(d) Tenant option to end extended lease. A tenant may end an extended lease at any time by giving the developer written notice of at least:
(1) Thirty (30) days if the remaining lease period is less than one (1) year; or
(2) Ninety (90) days if the remaining lease period is more than one (1) year.
(e) Developer option to end extended lease. A developer may end an extended lease only after:
(1) Sixty (60) days from the death of the last surviving senior or handicapped tenant who lived in the unit; or
(2) The tenant fails to pay the rent due or violates a material provision of the lease. (1985 L.M.C., ch. 39, § 1.)
(a) Developer right to temporarily relocate. If cooperative conversion requires work that endangers the health or safety of tenants, a developer:
(1) Must not begin work until endangered tenants with extended leases have been temporarily relocated; and
(2) May temporarily relocate an endangered tenant with an extended lease after one hundred eighty (180) days from filing the notice of intent to convert.
(b) Unit available within building. If a comparable unit is available within the same building or complex, a developer must relocate a tenant to that unit:
(1) After at least thirty (30) days' written notice; and
(2) At rent and other lease provisions at least as favorable to the tenant as under the extended lease.
(c) Unit not available within building. If a comparable unit is not available within the same building or complex, the developer may require a tenant to temporarily leave the extended lease unit after:
(1) Giving the tenant at least one hundred eighty (180) days' written notice; and
(2) Paying the tenant an amount equal to three (3) months' rent under the extended lease.
(d) Return to unit.
(1) After a developer gives notice that work on a unit has been completed, the developer must allow the tenant to return to the extended lease unit within sixty (60) days.
(2) The term of an extended lease begins upon the return of the tenant to the extended lease unit.
(e) Moving expenses. Within fifteen (15) days, a developer must pay or reimburse all tenant expenses reasonably incurred in moving from or returning to the unit under an extended lease. (1985 L.M.C., ch. 39, § 1.)
(a) Payment required. A developer must pay to a low-income senior or low-income handicapped tenant an amount equal to three (3) months' rent for the unit of the tenant if:
(1) The tenant chooses not to accept a lifetime extended lease; or
(2) The developer does not offer the tenant a lifetime extended lease because the number of extended lease units exceeds twenty (20) percent of the cooperative units.
(b) Payment. A developer must pay a tenant under this section before the following, whichever occurs first:
(1) An increase in the rent of the tenant or a change in a material term in the lease; or
(2) Thirty (30) days after the developer makes the last extended lease with an eligible tenant. (1985 L.M.C., ch. 39, § 1.)
(a) Payment required.
(1) If a tenant leaves after receiving notice of tenant rights under section 11C-23, the developer must pay the tenant for relocation under this section in addition to a payment instead of an extended lease under section 11C-13.
(2) Under this section, the developer must pay a tenant for relocation whether the tenant leaves voluntarily or at the request of the developer.
(b) Amount of payment.
(1) If a tenant is low-income, the relocation payment under this section is:
(i) Three hundred seventy-five dollars ($375.00), which the developer must pay by the time the tenant leaves the unit; and
(ii) Reimbursement for moving expenses in excess of three hundred seventy- five dollars ($375.00) up to seven hundred fifty dollars ($750.00), which the developer must pay within thirty (30) days of receiving a written request from the tenant.
(2) If a tenant is not low-income, the relocation payment under this section is reimbursement of moving expenses up to seven hundred fifty dollars ($750.00), which the developer must pay within thirty (30) days of receiving a written request from the tenant.
(c) Written request for moving expense. Before a developer must reimburse a tenant for moving expenses under this section, the tenant must give the developer a written request and reasonable evidence for reimbursement within thirty (30) days after moving. (1985 L.M.C., ch. 39, § 1.)
(a) Eviction after tenant given notice to leave. After a developer gives notice of tenant rights under section 11C-23, the developer may give a tenant notice to leave before expiration of one hundred eighty (180) days if the tenant fails to leave the unit by the end of thirty (30) days' notice given to the developer under section 11C-10.
(b) Leases that would expire. If a lease expires during the one-hundred-eighty-day period after notice of tenant rights under section 11C-23, a developer must offer that tenant an extended lease term lasting at least until the end of the one-hundred-eighty-day period without changing other provisions of the lease. (1985 L.M.C., ch. 39, § 1.)
(a) Right to transfer. A developer may transfer a membership for a unit under an extended lease after the developer gives:
(1) The tenant with the extended lease notice of the transfer of the membership; and
(2) The purchaser of the membership written disclosure that the unit is under an extended lease required under this chapter.
(b) Continuation of extended lease. If there is a transfer of a membership for a unit under an extended lease, the extended lease continues regardless of cooperative corporate documents that prohibit or restrict occupancy by a person other than the member. (1985 L.M.C., ch. 39, § 1.)
(a) Offer required. Before a developer makes a subscription agreement for a unit or evicts a tenant to sell a membership for the unit of the tenant, the developer must:
(1) Notify the tenant of the price and other material terms of sale in the same manner as this chapter requires for other purchasers; and
(2) For at least sixty (60) days, offer the membership for that unit to the tenant.
(b) Offer if unit is changed. If a conversion plan significantly changes the dimensions of a unit, the developer must offer the tenant of that unit a membership for a unit of comparable size and location. (1985 L.M.C., ch. 39, § 1.)
Loading...