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(1) As part of the application for approval of a condominium project, when said project involves the conversion of an existing residential structure where the structure has been occupied by residential tenants prior to application for conversion, the owner/developer shall provide notice of intended conversion to said tenants by certified mail. This notice requirement shall not apply to non-residential structures or to a residential structure that was vacant upon acquisition and remained so during the year prior to filing of the developer's application for conversion; nor shall it preclude the approval of a project prior to the expiration date where every tenant has executed a waiver relinquishing his or her right of notice under this provision.

(2) The Notice of Conversion shall include the following:

a. The intention and plans for the conversion of the building to a condominium project;

b. The estimated dates of termination of occupancy by tenants which shall not be less than 90 days from the date of notice; and an indication of the approximate dates of construction which shall not be less than 120 days from the date of notice. Tenants shall be given first right to purchase their respective unit upon at least as favorable terms and conditions as said units are offered to the general public;

c. Relocation information for the tenants specifying available alternative housing relocation resource agencies and organizations, and a plan of any services to be voluntarily provided by the owner/developer.