§ 34-36-37. Rights of tenants upon conversion to condominium ownership. Whenever there is a conversion of residential real estate from rental status to condominium 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 the notice period.

(2) Tenants shall have the right to cancel their lease and receive no penalties for the cancellation as long as all obligations of the lease have been met.

(3) The owner or developer shall honor all leases.

(4) All tenants shall be extended the first opportunity to purchase their units.

(5) An owner or developer shall not offer units for sale to the general public at terms more favorable than offered to the tenants, for a period of one hundred twenty (120) days subsequent to the tenant's failure to exercise his or her right to purchase.

(6) Tenants shall have sixty (60) days to inform the owner or developer of their intentions, and during this period the owner or developer shall 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 notice period.

(8) The owner or developer shall pay reasonable moving expenses and costs, to any tenant who has attained the age of sixty-two (62), within a fifty (50) mile radius.

History of Section. (P.L. 1981, ch. 242, § 1.)