This chapter shall apply to all condominium and/or cooperative ownership
apartment buildings within the Village of East Rockaway, Town of Hempstead,
Nassau County, New York.
As used in this chapter, the following terms shall have the meanings
indicated:
ELIGIBLE HANDICAPPED PERSONS
Tenants who have an impairment which results from anatomical, physiological
or nonviolent psychological abnormalities, other than addiction to alcohol,
gambling or any controlled substance, which are demonstrable by medically
acceptable clinical and laboratory diagnostic techniques, and which are expected
to be permanent and which prevent the tenant from engaging in any employment
or other gainful activity on the date the Attorney General has accepted a
plan or prospectus for filing.
NONPURCHASING TENANT
Any person who has not purchased an apartment or shares in a dwelling
unit, and who is a tenant entitled to possession at the time the plan or prospectus
is declared effective by the Attorney General of the State of New York.
OWNER
Any person who owns the shares allocated to a dwelling unit or who
owns such dwelling unit itself.
SENIOR CITIZEN TENANTS
Tenants in the dwelling unit who are 65 years of age or older, entitled
to possession as of the date that the Attorney General of the State of New
York accepts the plan or prospectus for filing.
A plan may not be declared effective until at least 15% of all dwelling
units in the building or group of buildings or development shall have been
sold under the plan pursuant to an offering made in good faith, without fraud,
and with no discriminatory repurchase agreement or other discriminatory inducement.
The rentals of nonpurchasing tenants who are senior citizens or eligible
handicapped persons, as defined above, and who reside in dwelling units not
subject to regulations as to rentals and continuing occupancy shall not be
subject to unconscionable increases beyond ordinary rentals for comparable
apartments during the period of their occupancy. In determining comparability,
consideration shall be given to such factors as building services and level
of maintenance.
The rights granted herein may not be abrogated or reduced by any provision
of a lease or other rental agreement between nonpurchasing tenants of the
specified classes and owner/landlord.
There shall be a reserve fund of the cooperative ownership which shall
be not less than 1% of the total cash value of the shares as described in
the plan or prospectus filed with the Attorney General of the State of New
York.
Any plan or prospectus for conversion filed with respect to properties
located within the borders of the Village of East Rockaway shall include provisions
for implementation of this chapter.