WILLIAM DONALD SCHAEFER, Governor Ch. 46

Carroll County Bank and Trust Company; subjecting the waiver to a condition that
the Carroll County Bank and Trust Company restrict a sale, in the event of
foreclosure, to an entity that would use the facility for hospital or medical
purposes only; authorizing the County Commissioners to include any additional
restrictions that the County Commissioners consider proper; and generally
relating to the authority of the County Commissioners to waive a certain
possibility of reverter interest.

BY adding to

The Public Local Laws of Carroll County
Section 3-13(c)

Article 7 - Public Local Laws of Maryland
(1976 Edition and 1989 Supplement, as amended)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 7 - Carroll County

3-13.

(C) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, THE
COUNTY COMMISSIONERS, BY ORDINANCE OR RESOLUTION, MAY WAIVE
THE POSSIBILITY OF REVERTER INTEREST THAT THE COUNTY RETAINS
IN THE DEED OF RESOLUTION OF NOVEMBER 3, 1959. THE DEED OF
RESOLUTION GRANTS TO CARROLL COUNTY GENERAL HOSPITAL, INC.
THE LAND AND IMPROVEMENTS ON THE LAND KNOWN AS THE CARROLL
COUNTY GENERAL HOSPITAL. THE SOLE PURPOSE OF THE WAIVER OF
THE POSSIBILITY OF REVERTER INTEREST SHALL BE TO GIVE THE
CARROLL COUNTY BANK AND TRUST COMPANY AN ACCEPTABLE
SECURITY INTEREST FOR A $3,000,000 LOAN BETWEEN THE CARROLL
COUNTY BANK AND TRUST COMPANY, AS MORTGAGEE, AND CARROLL
COUNTY GENERAL HOSPITAL, INC., AS MORTGAGOR.

(2) THE WAIVER OF THE POSSIBILITY OF REVERTER INTEREST
SHALL APPLY ONLY TO THE CARROLL COUNTY BANK AND TRUST
COMPANY FOR A $3,000,000 LOAN TO CARROLL COUNTY GENERAL
HOSPITAL, INC., AND SHALL BE SUBJECT TO THE CONDITION THAT THE
CARROLL COUNTY BANK AND TRUST COMPANY, IN THE EVENT OF
FORECLOSURE ON THE MORTGAGE, WILL RESTRICT THE SALE OF THE
DESCRIBED PROPERTY TO AN ENTITY THAT WOULD USE THE FACILITY
FOR HOSPITAL OR MEDICAL PURPOSES ONLY. THE WAIVER OF THE
POSSIBILITY OF REVERTER INTEREST SHALL INCLUDE ANY ADDITIONAL
RESTRICTIONS THAT THE COUNTY COMMISSIONERS CONSIDER PROPER.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1990.

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