(a) If a homeowner association responds to the notice of right of first offer under § 7029 of this title, or if the community owner agrees to sell the community to the homeowner association under § 7030 of this title, the homeowner association has an additional 30 days to formalize the agreed price, terms, and conditions into a contract of sale. This 30-day period may not be used to renegotiate the price, terms, or conditions agreed to during the first 30-calendar-day period unless mutually agreed to in writing. Time is of the essence.
(b) Failure of the homeowner association to formalize a contract of sale during the 30-day period following an agreement of price, terms, and conditions eliminates any right of the homeowner association to purchase the community during the remainder of the 12-month period that commenced on the date of the community owner's notice of intention to sell, transfer, or convey all or part of the community.
(c) Upon a formalized contract of sale being signed by both parties, the change of ownership of the community must be completed within 90 days. Time is of the essence.
(d) (1) The completion date may be extended beyond the 90-day period if both parties agree to an extension. However, neither party is obligated to agree to an extension.
(2) An agreement to extend the settlement date must be in writing and signed by both parties to the transaction.
(3) If the parties did not fully exhaust the 30-day periods under subsections (a) or (b) of this section or paragraph § 7029(a) of this title, any unused days may be added to the 90-day period in subsection (c) of this section by either party by providing written notification to all other parties within 5 business days prior to the end of the 90-day period. The time period for calculation of unused days is from the dates of mailing of the notices required by each section.