LAC 13:I.917. Contract Can Be Transferred

A. If the property for which the limited exemption has been granted is sold the limited exemption may be transferred for the remainder of its term to the new owner. 1. Owner/seller should within 90 days of the sale provide written notification to LED the property has been sold. 2. The purchaser shall, within 90 days of the date of such act of sale, request for a transfer of this contract with LED. a. Failure to request or apply for a transfer within the stipulated time herein set forth may constitute violation of the terms hereof. b. Failure to timely request or apply for a transfer shall cancel the contract with the original owner. B. The board, with the approval of the local governing authority, shall consider any such application for transfer of a contract for exemptions strictly on the merits of the application for such transfer.