§ 34-41-4.10 - Conversion building.
SECTION 34-41-4.10
§ 34-41-4.10 Conversion building. –(a) A developer of a time-share property which includes all or any part of aconversion building, and any person in the business of selling real estate forhis or her own account who intends to offer time shares in such a property,shall give each of the residential tenants and any residential subtenant inpossession of the proposed time-share units notice of the conversion no laterthan one hundred twenty (120) days before the developer will require thetenants and any subtenant in possession to vacate. Rents shall not be increasedduring the notice period. The notice must set forth generally the rights oftenants and subtenants under this section and be hand-delivered to the unit ormailed to the tenant and subtenant at the address of the unit or any othermailing address provided by a tenant. No tenant or subtenant may be required bythe developer to vacate upon less than one hundred twenty (120) days' notice,except by reason of nonpayment of rent, waste, or conduct that disturbs othertenants' peaceful enjoyment of the premises, and the terms of the tenancy maynot be altered during that period. Failure to give notice as required by thissection is a defense to an action for possession.
(b) For sixty (60) days after delivery or mailing of thenotice described in subsection (a), the person required to give the noticeshall offer to convey each time-share unit or time-share proposed unit occupiedfor residential use to the tenant who leases that unit. Tenants shall have theright to cancel their lease and receive no penalties for the cancellation aslong as all obligations of the lease have been met. If a tenant fails topurchase the unit during the sixty (60) day period, the offeror may not offerto dispose of an interest in that unit during the following one hundred eighty(180) days at a price or on terms more favorable to the offeree than the priceor terms offered to the tenant. This subsection does not apply to any unit in aconversion building if that unit will be restricted exclusively tononresidential use of the boundaries of the converted unit do not substantiallyconform to the dimension of the residential unit for conversion.
(c) If a seller, in violation of subsection (b), conveys atime-share unit to a purchaser for value who has no knowledge of the violation,recordation of the deed conveying the unit extinguishes any right a tenant mayhave under subsection (b) to purchase that unit if the deed states that theseller has complied with subsection (b), but does not affect the right of atenant to recover damages from the seller for a violation of subsection (b).
(d) If a notice of conversion specifies a date by which aunit must be vacated and otherwise complies with the provisions of chapter 18of this title, the notice also constitutes a notice to vacate specified by thatstatute.
(e) Notwithstanding the notice provisions of subsection (a)any tenant who has continuously resided in the unit for ten (10) years or moreor any tenant who has attained the age of sixty-two (62) shall be given oneyear notice. Rents shall not be increased during the notice period. A tenant asdescribed in this subsection shall have one hundred eighty (180) days withinwhich to purchase the unit as provided for in subsection (b) and the remainingprovisions of that subsection shall apply.
(2) 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.
(f) Nothing in this section permits termination of a lease bya developer in violation of its terms.