(1) none of the parties identified in § 7-204(a) of this subtitle exercises the right of first purchase;

(2) the assisted project has not been conveyed in accordance with § 7-206 of this subtitle; and

(3) the owner has not taken a protected action within 2 years after the original notice of intent.

(b) (1) Before taking a protected action, the owner shall serve another notice of intent on each party identified in § 7-201(b) of this subtitle.

(2) Before taking a protected action under § 7-102(a)(4) of this title, the owner shall serve notice of a right of first purchase as required by this subtitle.