Any owner of residential property converted to the condominium or cooperative form
of ownership shall give to any tenant who is entitled to receive a notice pursuant
to this section an extension of the rental agreement at the expiration thereof. Such
extension, where required, shall be for such period or periods of one year or such
fraction thereof as shall equal the period of notice to which such tenant is entitled
pursuant to the provisions of this section. The provisions of such rental agreement
may not otherwise be modified by the property owner except with respect to the amount
of annual rent, any increase in which shall not exceed an amount equal to the sum
which would result by multiplying said rent by the percentage increase in the consumer
price index for all urban consumers as published by the United States Department of
Labor, Bureau of Labor Statistics, during the calendar year immediately preceding
the date upon which such rental agreement is commenced, or ten (10) percent, whichever
is less; provided, however, nothing herein shall limit the right of a property owner
to any amounts which may be due under a valid tax escalation clause.
(d)
Punishment, enforcement. In accordance with the Acts of 1983, Chapter 527, Section 5, any owner who converts
residential property in violation of any provisions of the ordinance, adopted pursuant
to the Acts of 1983, Chapter 527, shall be punished by a fine of not less than one
thousand dollars ($1,000.00), or by imprisonment of not less than sixty (60) days.
Each unit covered in violation of this section constitutes a separate offense.