Any leased cottage community owner who intends to sell land used as a leased cottage community shall give written notice by first class mail addressed to each cottage owner or by personal delivery to each cottage owner upon such land if such transaction will entail the discontinuance of the use of the land for leased cottage community purposes. If an owner of a cottage has given the leased cottage community owner written notice that he resides in a place other than his cottage, notice shall be sent by first class mail to the address so provided. The notice shall include a statement advising of the purchase option provided by this section. A cottage association shall have the right to match all material terms of any bona fide offer to purchase the entire leased cottage community by separate contract, or any portion of the leased cottage community containing all of the occupied sites in the community, within forty-five days after receipt of the notice of the intent to sell. Any such matching offer shall be in writing and executed by a person on behalf of the cottage association. The leased cottage community owner shall deposit any matching amount tendered by a cottage association in an escrow account in a financial institution authorized to do business in the state until the time of closing. A real estate closing must take place within sixty days after the cottage association gives notice that it will purchase all or part of the leased cottage community.

(P.A. 90-242, S. 4.)