A. The developer shall be required to pay his proportionate share of maintenance, service and/or management fees for any existing unsold condominium units.
B. The developer shall be required to bear the costs of any real estate tax assessment or reassessment from commercial to residential status.
C. In the event of a condominium conversion, the developer shall pay all reasonable relocation fees for tenants then residing in the building to be converted who elect not to purchase a condominium unit and who are entitled to housing subsidies pursuant to the provisions of section 8 of the department of housing and urban development rules and regulations on the date that the letter of intent to convert is delivered to tenants as provided by the act. (Ord. 2013-29, 6-13-2013)