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? The Allen Group, as a new owner, is not bound by existing leases and can evict all the residents immediately. The Allen Group must give 30 days' notice that the terms of the lease will be changing before it can begin evicting residents. The leases remain valid, and the Allen Group must wait for them to expire before tearing the building down. The Allen Group cannot evict the tenants, but it can raise the rent to encourage them to leave