Sec. 7-61

Citation: Sec. 7-61
Parent Document: Somerville Code of Ordinances ch. 7, art. IV (Condominium/Cooperative Conversion)
Jurisdiction: Somerville (municipal)
Original Source: https://online.encodeplus.com/regs/somerville-ma-coo/doc-viewer.aspx?secid=585 ↗

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If the tenant does not wish to exercise the tenant’s right to purchase and the tenant so notifies the owner, in writing, prior to the expiration of the applicable period, the applicable period shall be deemed to have expired as of the date the owner receives such notice as to the tenant. If the tenant wishes to exercise the tenant’s right to purchase, the tenant shall have priority over any other entity also wishing to purchase the unit pursuant to a right to purchase. Nothing herein shall be construed to provide any right to purchase, or obligation of any owner to sell, any unit for an amount which is less than the amount being offered, in good faith, to third parties, provided that such amount represents the fair market value of such unit in its condition as of the date of the notice set forth in section 7-64(1)(b) above. Fair market value shall include the cost of repairs required by law in the tenant’s unit in order to sell it as a condominium and a proportional amount of costs based on square footage for repairs required by law to be performed to the common areas in order to sell the unit as a condominium. Fair market value in “as is” condition does not contemplate pricing reflecting the cost of optional upgrades or any required upgrades or repairs that are triggered by optional upgrades. (2)

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