(a) 1. Any tenant entitled to receive a notice of conversion shall be given the right to purchase the housing accommodation they occupy or occupied. The landlord shall extend this offer to purchase no later than six months before the end of the notice period. The tenant shall have up to 120 days after receiving the offer to sign a purchase and sale agreement for the housing accommodation. This offer shall be on terms and conditions which are substantially the same as, or more favorable than, those which the landlord extends to the public generally, or to a third party, whichever is less. Upon delivering notice to the tenant of the right to purchase, such notice shall include information sufficient for the tenant to be able to make a reasonable assessment of the purchase, including, but not limited to, the price of the unit, anticipated condominium fees and expected renovations of the unit. The time periods herein provided may be extended by agreement between the tenant and the landlord.
2. If, after the initial offer period has lapsed and during the notice period, the landlord accepts any offer from a third party for less than the price offered to the tenant, the tenant shall have the right to purchase the housing accommodation at such lower price. The tenant shall have 30 days to sign a purchase and sale agreement at such price.