Amendment AA2-AB527

LRBa1497/1

PJK:jld:rs

2009 - 2010 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 2009 ASSEMBLY BILL 527

February 23, 2010 - Offered by Representative Roys.

AB527-AA2,1,1 At the locations indicated, amend the bill as follows:

AB527-AA2,1,3 1. Page 4, line 19: delete "offer to purchase the community" and substitute "offer, and to enter into a contract, for the purchase of the community".

AB527-AA2,1,5 2. Page 5, line 3: delete "60 days after the date of the offer" and substitute "90 days after the date of the notice".

AB527-AA2,1,6 3. Page 5, line 9: delete lines 9 to 16 and substitute:

AB527-AA2,2,2 "(3) Offer by association. (a) For a period of 90 days after the date of the notice in sub. (2) (a), a residents' association shall have the right to make an offer to, and to enter into a contract with, the owner for the purchase of the community. The owner has no obligation to negotiate concerning, or to accept, any offer made by a residents' association. If the owner and residents' association enter into an agreement for the sale of the community within the 90-day period after the date of the notice under sub. (2) (a), the owner shall allow the residents' association up to 3 months from the date on which they entered into the agreement to obtain financing for the purchase if additional time is necessary.".

AB527-AA2,2,3 4. Page 8, line 19: after that line insert:

AB527-AA2,2,5 "(g) A real estate exchange described under section 1031 of the Internal Revenue Code.".

AB527-AA2,2,6 (End)