Every contract for sale of a condominium unit shall provide that in the event the developer fails to submit the property to the provisions of the act or removes the property from the provisions of the act prior to the closing of any such contract, the contract purchaser shall have the right to lease said unit upon the following terms and conditions:
A. Condominium Conversions: Upon the same terms and conditions set forth in the most recent lease of said unit; provided that:
1. The rent shall be in an amount not exceeding one hundred fifteen percent (115%) of the rent set forth in said lease; and
2. The term shall not be less than one year from and after the date upon which the closing on the contract for sale was scheduled to take place.
B. New Construction: For a term of not less than one year from and after the date upon which the closing on the contract for sale was scheduled to take place, upon the same terms and conditions and at the same rental rates generally applicable to substantially similar property located within the village; provided, however, that if there is no substantially similar property located within the village, then upon the same terms and conditions and at the same rental rates generally applicable to substantially similar property located within the county. (Ord. 2013-29, 6-13-2013)