Under what condition do existing tenants maintain the first right of refusal when a rental property is converted to a condominium?

The correct answer signifies that existing tenants maintain the first right of refusal when a rental property is converted to a condominium if they are current on their rent payments. This is significant because it ensures that tenants who have fulfilled their obligations under the rental agreement are given priority to purchase their unit before the property is offered to outside buyers. This condition protects tenants by acknowledging their good standing as responsible renters.

In Hawaii, this right is designed to safeguard the interests of tenants, allowing them the opportunity to become homeowners in a property where they have established their residence. Being current on rent payments demonstrates a commitment to fulfilling lease obligations, which is a key factor in providing tenants this opportunity during conversion of rental properties to condominiums.

Additional context reveals that the other conditions listed may not universally guarantee the first right of refusal. While length of residency and signed leases might contribute to tenant rights in certain situations, they do not specifically establish the first right of refusal as effectively as the stipulation of being current on payments does. Landlord agreement is also not a definitive condition for the first right of refusal since the right is often enforced by law regardless of an individual landlord's wishes.