§ 25-53. Condominium developments.

Upon application by a subdivider, in connection with the approval of a tentative or final map for the proposed construction of a condominium development, which requires the obtaining of a tentative or final map under the provisions of this chapter, the city may enter into a binding agreement with the subdivider mandating that the units be first made available for rental housing for a period of not less than 10 years from the date the certificate of occupancy has been issued for the units within the development; provided that:

• (1) At the expiration of the ten-year period the units within the development may be sold to individual purchasers in accordance with the approved final map authorizing the development without further proceedings under the provisions of this chapter; and

• (2) During the period the units are required to be made available for rental purposes, the units are insured or are to be insured or co-insured pursuant to the provisions of chapter 4 (commencing with Section 51850) of Part 4 of Division 31 of the California Health and Safety Code; and

• (3) Each tenant of a unit within the development shall be given by the developer 180 days prior to actual conversion written notice that includes an offer of an exclusive right to contract on the part of the tenant for his or her respective unit upon the same terms and conditions that such unit will be initially offered to the general public or on terms more favorable to the tenant. This exclusive right shall run for a period of 90 days from the date written notice of actual conversion is sent to the tenant by the subdivider.

Any agreement made between the city and a subdivider shall be in writing, shall describe in particular the real property affected thereby, shall set forth the name or names of the record title owner of the real property affected, and shall be executed by the planning director and the subdivider. Any such agreement shall also provide that from the date of execution of the agreement, it shall be binding upon the city, the subdivider and their successors. When a condominium development is subject to such an agreement, that fact shall be set forth on the face of any tentative or final map approved by the city, and the agreement shall be recorded in the office of the county recorder of the County of Orange on or before the date of recordation of the final map.

(Ord. No. 717, § 27, 11-28-83)