HB 426 — MOBILE HOME PARK SALE NOTICES

HOUSE BILLCOMMERCE 426AND 57THECONOMIC LEGISLATUREDEVELOPMENT -STATEOFNEWMEXICO-COMMITTEE FIRSTSUBSTITUTE SESSION,FOR 2025HOUSE INTRODUCEDBILL BY426 Cristina57 ParajónTH andLEGISLATUR- MarianSTATE MatthewsOF andNEW AntonioMEXICO Maestas- andFIRST AndreaSESSIO, Romero2025 and4 Sarah6 Silva8 710 9 AN ACT RELATING TO PROPERTY;

.229527.4.231773.1 HCEDC/HB 426 (4) include the material terms, conditions and amount of the offer;

Before a mobile home park may be sold, the owner shall notify each resident household of the mobile home park and the executive director of the New Mexico mortgage finance authority of any bona fide offer for apurchase sale that the owner intends to accept.

The residents shall have the opportunity to purchase the mobile home park before the owner can accept the bona fide third-party offer to purchase ifif: at least fifty-one percent of the residents:

(1) submitdocumentation is submitted to the owner documentation to verify that at least fifty-one percent of the residents have approved the purchase of the mobile home park, including a proposed purchase and sale e t 17 agreement on substantially e t 17 equivalent terms and conditions of the offer that the owner w l n d 18 theintends bonato fideaccept, third-party offer, within ninetyseventy-five days of receipt of = = 19 a l of notice of the offer sent to residents;

a l i a e r 20 (2) obtainresidents awith bindingthe commitmentopportunity forto anypurchase a t m m 21 necessaryobtain financinga orbinding guaranteescommitment withinfor anany additionalnecessary ninetyfinancing or d r e 22 guarantees within an additional ninety days after execution of c e s k 23 the purchase and sale agreement;

and c e sa kn 23b 24 (3) closeresidents onwith the opportunity to purchase withinu an[ additionalclose eon athe npurchase bwithin 24a ninetycommercially daysreasonable afteramount the.231773.1 end- of2 the- ninety-dayHCEDC/HB period426 providedof intime uspecified [by Paragraphthe (2)purchase ofand thissale subsection.agreement.

.229527.4 - 2 - D.

An owner shall not refuse to enter into or delay the execution or closing on a purchase and sale agreement with residents who have made aan bona fide offer to meet the price and substantially equivalent terms and conditions of the third- party offer.

A failure by the residents to submit a purchase and sale agreement within the firstseventy-five-day ninety-day period, to obtain a binding commitment for financing within the second ninety-day period or to close on the purchase within the thirdcommercially ninety-dayreasonable periodamount of time specified by the purchase and sale agreement shall terminate the residents' opportunity to purchase.

IfIn the event that the residents submit a proposed purchase and sale agreement that the owner does not consider to be substantially equivalent in price or in the e t 17 terms and conditions of the third-party offer, the owner shall w l n d 18 negotiate with the residents in good faith to determine if an agreement= e= t19 17agreement can be made that would allow the residents to purchasea thel wi la ne dr 1820 purchase the mobile home park.

The duty of good faith includes a dutyt tom =m =21 19 a lduty to make the same information available to residents that thed ownerr i a e r22 20the owner has provided or would have provided to the third-partyc offerore as tk m23 mthird-party 21offeror or another prospective purchaser.

If the ownere rejectsa then db r24 eowner 22rejects the residents' proposed purchase agreement, the u [ owner must provide cthe e s k 23 a good faith reason in writing to the residents within.231773.1 three- e3 a- nHCEDC/HB b426 24within three days of the date of rejection.

It shall be presumptive u [ evidence of bad faith if an owner attempts to, or does, require .229527.4 - 3 - the residents to waive any of their rights.

Any new offer to sell the mobile home park or any new offer to purchase the mobile home park that the owner intends to accept shall initiate a new effective period for the opportunity to purchase.

No opportunity to purchase shall interfere with a government taking by eminent domain or negotiated purchase.

An owner whomay has accepted a bona fide purchase and sale agreement shall record an affidavit with the county e t 17 clerk of any county where the mobile home park is located w l n d 18 certifying compliance with the requirements of this section.

= = 19 a l The affidavit shall include copies of the certified mail a l i a e r 20 receipts for the notice required by this section.

A recorded a t m m 21 affidavit shall be presumptive evidence of compliance with this d r e 22 sectionsection. and shall attach to the deed.

A failure to record an affidavit shall be presumptive c e s k 23 affidavit shall be presumptive evidence of noncompliance with e a n b 24 this section.

ue [a n b 24 I.

If the residents have submitted a proposed .229527.4u -[ 4 - purchase and sale agreement that is substantially equivalent in .231773.1 - 4 - HCEDC/HB 426 its terms and conditions to an offer made by a bona fide third party to an owner, the residents may record an affidavit with the county clerk of any county where the mobile home park is located certifying that an offer has been made to the owner by the residents.

The liability owed to the residents by the owner e t 17 shall be a lien on the property and shall take priority over a we lt n17 d 18 third-party buyer's interest.

For the purposes of this =w =l 19n ad l18 subsection, residents who possessed the opportunity to purchase i= a= e19 r 20 shall select a real estate appraiser licensed pursuant to the a tl mi ma 21e r 20 Real Estate Appraisers Act and the owner shall be liable for da rt em 22m 21 the reasonable cost of the appraisal.

cd r e s22 k 23 L.

AnThe actionowner toshall enforcenot thebe provisionsrequired ofto thisgive enotice ac ne bs 24k section23 mayto bethe broughtresidents by:if:

e a n b 24 (1) a bank, mortgage company or any other u [ (1)mortgagee has foreclosed on the attorneymobile general;home park and the .231773.1 - 5 - HCEDC/HB 426 mortgagee is selling the mobile home park:

.229527.4(a) -at 5 - (2) a residentforeclosure orsale; residents who possess the opportunity to purchase;

or (3)(b) aafter personhaving whopurchased hasthe beenmobile assignedhome thepark opportunityat toa purchase.foreclosure sale;

(2) the sale or transfer is to a family member of the owner or to a trust, the beneficiaries of which are family members of the owner;

(3) the sale or transfer is by a partnership to one or more of its partners;

(4) the conveyance of an interest in the mobile home park is incidental to the financing of the mobile home park;

(5) the sale or transfer is between joint tenants or tenants in common;

or (6) the sale is pursuant to eminent domain.

ResidentsAn whoowner prevailmay inaccept ana actionthird-party broughtoffer to enforcee thist section17 shallpurchase bethe entitledmobile tohome receivepark reasonablebefore attorneyproviding feesthe andrequired courtw costsl fromn thed owner."18 -notice 6and -opportunity 10to 12purchase 14to 16residents eif tthe 17purchase w= l= n19 dand 18sale =agreement =stipulates 19that the residents shall be a l i a e r 20 aprovided twith mnotice mand 21the dopportunity rto epurchase 22the cmobile ea st km 23m e21 ahome npark bbefore 24the usale [can .229527.4be finalized.

d r e 22 N.

An action to enforce the provisions of this c e s k 23 section may be brought by:

e a n b 24 (1) the attorney general;

u [ (2) a resident or residents who possess the .231773.1 - 6 - HCEDC/HB 426 opportunity to purchase;

or (3) a person who has been assigned the opportunity to purchase.