§ 41B.5. GENERAL PROVISIONS.

(a) First Right to Purchase Conferred. This Chapter 41B shall be construed to confer upon each Qualified Nonprofit a first right to purchase any Multi-Family Residential Building for Sale in the City. This first right to purchase shall consist of both a right of first offer, as set forth in Section 41B.6, and a right of first refusal, as set forth in Section 41B.7.

(b) Confidential Information Protected. Any information obtained from a Seller by a Qualified Nonprofit under this Chapter 41B—including, but not limited to, disclosures made under Section 41B.6(c) and (e), and terms and conditions of an offer of Sale made under Section 41B.7(b)—shall be kept confidential to the maximum extent permitted by law, except that a Qualified Nonprofit may, if otherwise permitted by law, share such information with other Qualified Nonprofits to facilitate Qualified Nonprofits’ exercise of the rights conferred by this Chapter. Nothing in this Chapter permits or requires the disclosure of information where such disclosure is otherwise prohibited by law.

(c) Preexisting Rights Unaffected. This Chapter 41B shall not be construed to impair any contract, or affect any property interest held by anyone other than the Seller of a Multi-Family Residential Building (including, but not limited to, any interest held under a mortgage, deed of trust, or other security interest; any option to purchase; or any right of first offer or right of first refusal), in existence before the effective date of this Chapter.

(Added by Ord. , File No. 181212, App. 5/3/2019, Eff. 6/3/2019)