(a)If a mobile home park owner offers a mobile home park for sale, the owner shall provide written notice to the officers of the homeowners' association created pursuant to Section 6.27 of the offer stating the price and the terms and conditions of sale.
(b)The mobile home owners, by and through a homeowners' association as defined in Section 6.27, shall have the right to purchase the park provided the home owners and residents meet the price and terms and conditions of the mobile home park owner by executing a contract with the park owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice and provided they have complied with Sections 6.27 through 6.31. If a contract between the park owner and the association is not executed within such 60-day period, then
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(a) If a mobile home park owner offers a mobile home park for sale, the owner shall provide written notice to the officers of the homeowners' association created pursuant to Section 6.27 of the offer stating the price and the terms and conditions of sale. (b) The mobile home owners, by and through a homeowners' association as defined in Section 6.27, shall have the right to purchase the park provided the home owners and residents meet the price and terms and conditions of the mobile home park owner by executing a contract with the park owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice and provided they have complied with Sections 6.27 through 6.31. If a contract between the park owner and the association is not executed within such 60-day period, then, unless the park owner thereafter elects to offer the park at a price materially lower than the price specified in the notice provided to the officers of the homeowners' association and residents, as the case may be, the park owner has no further obligations under this subsection. For purposes of this Section, a materially lower price shall be a price that is 20% or more lower than the price specified in the notice to the officers of the homeowners' association. (c) If the park owner thereafter elects to offer the park at a price materially lower than the price specified in the notice, the homeowners, by and through the association, will have an additional 10 days to meet the price and terms and conditions of the park owner by executing a contract. (d) If, within 60 days, plus any additional 10-day period, from the mailing of the notice required in this Section, no contract for sale signed by the association and the park owner has been reached, the right provided in this Section to purchase the park shall be void and of no further force and effect. (e) Notices required by this Section shall be in writing and shall be delivered by placing the notice in the United States mail addressed to the officers of the homeowners' association. Each notice shall be deemed given upon the deposit of the notice in the United States mail. (f) As used in this Section, "offer" means any solicitation made by the park owner to the general public. (g) This Section does not apply to: (1) Any sale or transfer to a person who would be included within the table of descent and distribution if the park owner were to die intestate. (2) Any transfer by gift, devise, or operation of law. (3) Any transfer by a corporation or entity to an affiliate. As used herein, "affiliate" means any shareholder of the transferring corporation or entity; any corporation or entity owned or controlled, directly or indirectly, by any shareholder of the transferring corporation; or any other corporation or entity owned or controlled, directly or indirectly, by any shareholder of the transferring corporation or entity. (4) Any transfer by a partnership to any of its partners or by an individual or group of individuals to a partnership. (5) Any conveyance of an interest in all or a portion of a mobile home park incidental to the financing of such mobile home park. (6) Any conveyance resulting from the foreclosure of a mortgage, deed of trust, or other instrument encumbering a mobile home park or any deed given in lieu of foreclosure. (7) Any sale or transfer between or among joint tenants or tenants in common owning a mobile home park. (8) Any exchange of a mobile home park for other real property, whether or not the exchange also involves the payment of cash or other boot. (9) The purchase of a mobile home park by a governmental entity under its powers of eminent domain. (10) The sale of any mobile home park as part of a portfolio transaction. For purposes of this provision, "portfolio transaction" means a sale of 2 or more mobile home parks, other multifamily buildings, units or properties of any type, RV parks in one transaction to one buyer, or multiple related buyers.