§2348 Priority sale of apartment houses

Summary

Lets the Los Alamos Commission give people who live there, work on the project, or who lived in the community when an apartment building is offered (and for the six months before) special first chances to buy those buildings. A first-priority can only go to an occupant or group of occupants (or an assignee made up of those people) that represent at least 60% of the building’s occupants. A second-priority can only go to an entity made up of those people that has at least one occupant’s interest and whose members equal and will occupy at least 70% of the units. The 15% deduction in section 2325(a), the deduction in section 2326(d), the financing rules in section 2362, and the indemnity rules in sections 2363–2366 apply. Priority interests may be transferred as the Commission allows, but priority purchase rights can be transferred only as section 2333 permits. If an occupant does not join a purchase, they can get a lease up to 15 months from the first offer date if they apply within 30 days after the priority is granted. The Commission can have the buyer take on the lessor’s duties and will guarantee the lessee’s lease performance. People who already bought a single-family or duplex under a priority right at Los Alamos cannot take part in the apartment-house priority. The Commission can make other rules for who qualifies.