(B) Right of first refusal on initial conversion/sale of housing accommodations as condominium or cooperative units. Individual tenants shall be given the right to purchase a housing accommodation which is converted or intended for conversion and sale as an individual condominium or cooperative unit on terms and conditions which are substantially the same as, or more favorable than, those which the owner extends to the public generally, or to a third party, whichever is less, for the 90 days following the expiration of said tenant’s right to purchase. Such tenant may exercise a right to purchase such housing accommodation by executing a purchase and sale agreement prior to the expiration of 90 days after the date that the tenant receives a copy of the purchase and sale agreement properly executed by the person offering the housing accommodation for sale. No owner shall unreasonably refuse to enter into, or unreasonably delay the execution of, a purchase and sale agreement with a tenant entitled to a right of first refusal under this Section that has made a bona fide offer to meet the price and substantially equivalent terms and conditions of an offer for which notice is required to be given pursuant to this Subsection. Failure of the tenant entitled to exercise the right of first refusal to execute such a purchase and sale agreement within the 90-day period shall serve to terminate the right of the tenant to purchase the housing accommodation, and there shall be no right of first refusal at the time of the subsequent sale of such unit; provided, however, the tenant shall still have the right of first refusal in the event of a condominium or cooperative conversion eviction as described in Subsection 10-2.10(F). The time periods herein provided may be extended by