§514A-104.5 Affidavit. (a) The owner-occupant affidavit required by section 514A-104 shall expire after three hundred sixty-five consecutive days have elapsed after the recordation of the instrument conveying the apartment to the affiant. The affidavit shall expire prior to this period upon acquisition of title to the property by an institutional lender or investor through mortgage foreclosure, foreclosure under power of sale, or a conveyance in lieu of foreclosure.

(b) The affidavit shall include statements by the affiant affirming that:

(1) If the affiant intends to secure financing from a financial institution, the financing shall be an owner-occupant mortgage loan;

(2) At any time after obtaining adequate financing or a commitment for adequate financing up until the expiration of the affidavit, the affiant shall notify the commission immediately upon any decision to cease being an owner-occupant; and

(3) At closing of escrow the affiant shall file a claim for an owner-occupant property tax exemption with the appropriate county office.

(c) The affidavit shall be personally executed by all the prospective owner-occupants of the residential unit and shall not be executed by an attorney-in-fact.

(d) The affidavit shall be reaffirmed as provided in section [514A-105(c)]. [L 1992, c 50, pt of §1; am L 1993, c 217, §1; am L 1997, c 135, §15]