Taye has owned an apartment building in Denver, Colorado, for the last 10 years. The apartment building has 10 tenants who are all on one-year leases. In 2021, Taye decides to sell the building to a developer, the Allen Group. The Allen Group plans to knock the building down and build luxury condos on the site. Which of the following statements is true?
O The Allen Group, as a new owner, is not bound by existing leases and can evict all the residents immediately.
O The Allen Group must give 30 days’ notice that the terms of the lease will be changing before it can begin evicting residents.
O The leases remain valid, and the Allen Group must wait for them to expire before tearing the building down.
O The Allen Group cannot evict the tenants, but it can raise the rent to encourage them to leave.