1734                             Laws of Maryland                       Ch. 605

(1)    In the case of a lease for a term of years, not perpetually
renewable, the tax shall be based upon the capitalization at 10% of
the average annual rental over the entire term of the lease, in-
cluding any renewable term, plus the actual consideration, other than
rent, paid or to be paid. Where the average annual rental cannot
be determined, the tax shall be based upon either (i) the minimum
average annual rental ascertainable from the terms of the lease plus
5% thereof, the whole to be capitalized at 10%, plus the actual
consideration, other than rent, paid or to be paid, or (ii) the as-
sessed value of the property covered by the lease multiplied by
one and one half, whichever is the greater. The provisions of this
section shall not apply to leases of personal property.

(2)    No attornment agreement, memorandum of lease, assignment
of lease or other instrument (referred to collectively herein as
"other instrument") intended to publicize or giving or intended to
give constructive notice of the existence of a lease which has not
been recorded but which, if recorded, would be taxable hereunder,
whether or not such other instrument gives such constructive notice
in point of law, shall be received for recording until the original lease
shall have been exhibited to the clerk and the tax paid thereon, in
addition to whatever tax may be payable on such other in-
strument.

The tax on any such lease shall be chargeable to the lessee there-
of and, in the event it shall be required to be advanced by the
party offering for record such other instrument due to the failure
or refusal of such lessee to pay the amount due to the clerk on de-
mand by such party, then the amount thereof, plus interest from
the date of payment, shall be recoverable by such party from the
lessee by action at law.

Nothing in this subsection (2) shall be taken to apply to any
lease not required by law to be recorded.

(e)     Payment of the tax imposed by this section shall be evi-
denced by the affixing to or stamping on the instrument of writing
offered for recordation a legend stating that such tax has been paid
and the amount of payment [and containing the signature of the
clerk or an authorized facsimile thereof]. Any instrument so ex-
ecuted shall be prima facie evidence that the tax imposed by this
section has been paid.

(f)    The proceeds of the tax imposed by this section shall be
paid to the State Comptroller. The Comptroller shall place all such
monies in a special fund and shall use the same for payment of in-
terest and principal on the certificates of indebtedness issued under
the "Outdoor Recreation Land Loan Act of 1969." If at any time
the Comptroller has in this fund more money than needed to meet
payments of interest and principal, the excess amount shall be made
available for the funding of projects for the acquisition and devel-
opment of recreation land and open space, as provided under "Pro-
gram Open Space."

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1970.

Approved May 5, 1970