(a) Each leaseholder shall have a conversion period of six months from the date of notice of conversion to elect to become either a purchasing or a nonpurchasing leaseholder.

(b) During the conversion period, the declarant shall offer to convey each site to the leaseholder at the price, terms and conditions stated in the notice of conversion. Unless the leaseholder provides written notice that the leaseholder will not purchase the site, the declarant may not offer the site for sale to any other person within the conversion period.

(c) A leaseholder may elect to become a purchasing leaseholder by negotiating a purchase and sale agreement with the declarant within the conversion period. Such agreement shall be on terms at least as favorable to the leaseholder as those stated in the notice of conversion. A leaseholder may assign the purchase and sale agreement to any site purchaser.

(d) Failure to elect under this section within the conversion period shall be deemed to be an election to become a nonpurchasing leaseholder. (Added 1993, No. 97, § 1.)