(a) This section applies if the owner’s offer is not accepted and the acceptance period under § 7-205(c) of this subtitle has expired.

(b) The owner may sell or convey the assisted project to any person on terms and conditions not more favorable to the purchaser than those of the owner’s offer.

(c) The owner may sell or convey the assisted project on terms and conditions more favorable to the purchaser than those of the original offer under this subtitle only after the owner again offers the right of first purchase as required by this subtitle based on the new terms and conditions.