LRBa1912/1
PJK:jld:jf
2009 - 2010 LEGISLATURE
SENATE AMENDMENT 2,
TO 2009 SENATE BILL 351
March 26, 2010 - Offered by Senator Erpenbach.
SB351-SA2,1,11 At the locations indicated, amend the bill as follows:
SB351-SA2,1,3 21. Page 4, line 19: delete "offer to purchase the community" and substitute
3"offer, and to enter into a contract, for the purchase of the community".
SB351-SA2,1,5 42. Page 5, line 3: delete "60 days after the date of the offer" and substitute "90
5days after the date of the notice".
SB351-SA2,1,6 63. Page 5, line 9: delete lines 9 to 16 and substitute:
SB351-SA2,2,2 7"(3) Offer by association. (a) For a period of 90 days after the date of the notice
8in sub. (2) (a), a residents' association shall have the right to make an offer to, and
9to enter into a contract with, the owner for the purchase of the community. The owner
10has no obligation to negotiate concerning, or to accept, any offer made by a residents'
11association. If the owner and residents' association enter into an agreement for the
12sale of the community within the 90-day period after the date of the notice under sub.
13(2) (a), the owner shall allow the residents' association up to 3 months from the date

1on which they entered into the agreement to obtain financing for the purchase if
2additional time is necessary.".
SB351-SA2,2,3 34. Page 8, line 19: after that line insert:
SB351-SA2,2,5 4"(g) A real estate exchange described under section 1031 of the Internal
5Revenue Code.".
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