§ 34-36-37 - Rights of tenants upon conversion to condominium ownership.
SECTION 34-36-37
§ 34-36-37 Rights of tenants uponconversion to condominium ownership. – Whenever there is a conversion of residential real estate from rental status tocondominium ownership the following provisions shall apply to the owner,developer, and tenants of the property:
(1) All tenants shall be given at least one hundred twenty(120) days notice of the conversion. Rents shall not be increased during thenotice period.
(2) Tenants shall have the right to cancel their lease andreceive no penalties for the cancellation as long as all obligations of thelease have been met.
(3) The owner or developer shall honor all leases.
(4) All tenants shall be extended the first opportunity topurchase their units.
(5) An owner or developer shall not offer units for sale tothe general public at terms more favorable than offered to the tenants, for aperiod of one hundred twenty (120) days subsequent to the tenant's failure toexercise his or her right to purchase.
(6) Tenants shall have sixty (60) days to inform the owner ordeveloper of their intentions, and during this period the owner or developershall not sell the units to the general public.
(7) Any tenant who has attained the age of sixty-two (62)shall be given one-year notice. Rents shall not be increased during the noticeperiod.
(8) The owner or developer shall pay reasonable movingexpenses and costs, to any tenant who has attained the age of sixty-two (62),within a fifty (50) mile radius.