(1) Except for the requirements of subsection (2), this section shall not apply to a business condominium unit.

    (2) Before offering any unit for sale, the developer of a conversion condominium project shall notify each existing tenant of any unit in the proposed conversion condominium project of all of the following:

    (a) The proposed conversion.

    (b) The right of a prospective purchaser to receive the disclosure documents enumerated in section 84a.

    (c) The right to remain in the unit of residence for 120 days after receipt of this notice, or until expiration of the term of the lease, whichever is longer.

    (d) The right to terminate tenancy after receipt of this notice upon 60 days' notice to the developer. The notice shall be physically delivered or sent by first class mail to each unit, addressed to the tenant. A tenancy in a conversion condominium, whether month to month or otherwise, shall not be terminated by the lessor without cause within 120 days after delivery of notice under this subsection, or until expiration of the term of the lease, whichever is longer.

    (3) A tenant who receives notice under subsection (2) may terminate his or her tenancy, at any time, if notice of termination of tenancy is given to the developer not less than 60 days before the date of termination.

    (4) If a developer of a conversion condominium project desires to take reservations before delivery of the notice required under subsection (2), the developer shall, before taking any reservations, notify each existing tenant of any unit in the proposed conversion condominium of both of the following:

    (a) The tenant's lease is not affected by the taking of reservations for units in the proposed conversion condominium.

    (b) If a conversion condominium project is established, the tenant may obtain from the developer a full statement of the rights and options available to the tenant.