§ 34-41-4.10. Conversion building.
(a) A developer of a time-share property which includes all or any part of a conversion building, and any person in the business of selling real estate for his 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 in possession of the proposed time-share units notice of the conversion no later than one hundred twenty (120) days before the developer will require the tenants and any subtenant in possession to vacate. Rents shall not be increased during the notice period. The notice must set forth generally the rights of tenants and subtenants under this section and be hand-delivered to the unit or mailed to the tenant and subtenant at the address of the unit or any other mailing address provided by a tenant. No tenant or subtenant may be required by the developer to vacate upon less than one hundred twenty (120) days' notice, except by reason of nonpayment of rent, waste, or conduct that disturbs other tenants' peaceful enjoyment of the premises, and the terms of the tenancy may not be altered during that period. Failure to give notice as required by this section is a defense to an action for possession.
(b) For sixty (60) days after delivery or mailing of the notice described in subsection (a), the person required to give the notice shall offer to convey each time-share unit or time-share proposed unit occupied for residential use to the tenant who leases that unit. 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. If a tenant fails to purchase the unit during the sixty (60) day period, the offeror may not offer to 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 price or terms offered to the tenant. This subsection does not apply to any unit in a conversion building if that unit will be restricted exclusively to nonresidential use of the boundaries of the converted unit do not substantially conform to the dimension of the residential unit for conversion.
(c) If a seller, in violation of subsection (b), conveys a time-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 may have under subsection (b) to purchase that unit if the deed states that the seller has complied with subsection (b), but does not affect the right of a tenant to recover damages from the seller for a violation of subsection (b).
(d) If a notice of conversion specifies a date by which a unit must be vacated and otherwise complies with the provisions of chapter 18 of this title, the notice also constitutes a notice to vacate specified by that statute.
(e)(1) Notwithstanding the notice provisions of subsection (a) any tenant who has continuously resided in the unit for ten (10) years or more or 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. A tenant as described in this subsection shall have one hundred eighty (180) days within which to purchase the unit as provided for in subsection (b) and the remaining provisions of that subsection shall apply.
(2) 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.
(f) Nothing in this section permits termination of a lease by a developer in violation of its terms.
(P.L. 1984, ch. 141, § 2.)