Vermont Statutes Title 27 Sec. 1356
Terms Used In Vermont Statutes Title 27 Sec. 1356
- Declarant: means any person who offers for transfer the ownership interest in a mobile home park to a condominium or similar arrangement. See
- Leaseholder: means a person who has a leasehold interest derived from the declarant or any site purchaser in a site in a mobile home park to be converted pursuant to this subchapter. See
- Nonpurchasing leaseholder: means a leaseholder who has elected not to purchase a site in a mobile home park to be converted pursuant to this subchapter. See
- Person: means an individual, corporation, partnership, association, trustee, or other legal entity. See
- Purchasing leaseholder: means a leaseholder who has elected to purchase a site in a mobile home park to be converted pursuant to this subchapter. See
- Site: means the spatial location occupied or to be occupied by a mobile home, including all utilities and amenities appurtenant to the location such as piping, wiring, plants, platforms or supports, lights, walls, and all other improvements but not including the land on which the site is located. See
- Site purchaser: means the purchaser of a site from a declarant under this subchapter. See
§ 1356. Leaseholder conversion period
(a) Each leaseholder shall have a conversion period of six months from the date of notice of conversion to elect to become either a purchasing or a nonpurchasing leaseholder.
(b) During the conversion period, the declarant shall offer to convey each site to the leaseholder at the price, terms and conditions stated in the notice of conversion. Unless the leaseholder provides written notice that the leaseholder will not purchase the site, the declarant may not offer the site for sale to any other person within the conversion period.
(c) A leaseholder may elect to become a purchasing leaseholder by negotiating a purchase and sale agreement with the declarant within the conversion period. Such agreement shall be on terms at least as favorable to the leaseholder as those stated in the notice of conversion. A leaseholder may assign the purchase and sale agreement to any site purchaser.
(d) Failure to elect under this section within the conversion period shall be deemed to be an election to become a nonpurchasing leaseholder. (Added 1993, No. 97, § 1.)