SEC. 1399.10. SUBDIVIDER'S NOTICE OF INTENT TO CONVERT.

(a) For projects receiving funding under the Real Ownership Opportunities program, the Subdivider must provide a written Notice of Intent to Convert as provided in California Government Code sections 66452.8 and 66452.9 no later than 60 days prior to filing the application packet under Section 1399.17. For all other projects, the Subdivider shall provide a written Notice of Intent to Convert to each of the tenants in the building as provided in California Government Code sections 66452.8 and 66452.9 as applicable, outlining the tenant's rights under this Code, and the method by which the purchase price for a Member Share shall be calculated no later than 60 days prior to filing the application packet under Section 1399.17 ("Conversion Notice").

(b) Subdividers required to provide a Conversion Notice shall indicate the initial purchase price as provided in Section 1399.9 in the Conversion Notice.

(d) Subdividers required to provide a Conversion Notice shall attach to the Conversion Notice an "Intent to Purchase" form and a "Notice of Right to Lifetime Lease" form, both to be executed by the tenant or tenants who intend to purchase. The Intent to Purchase form shall be in the form provided in Section 1399.15. The Notice of Right to Lifetime Lease shall be in the form provided in Section 1399.8A(i).

(e) In the event that a Subdivider required to provide a Conversion Notice has not been able to obtain a majority "opt-in" response along with the required Income Certificates after providing proper notice, the Subdivider may extend the compliance deadlines by sending an extension notice to all of the tenants. (Added by Ord. 319-08, File No. 081513, App. 12/19/2008)