376                                                LAWS OF MARYLAND                              [Ch. 12

whether this section applies only to the
existing mortgage or to a junior mortgage,
The Commission recommends that the General
Assembly consider enacting legislation to
remedy this problem.

The only other changes are in style.
10-104. RECORDATION.

EVERY LAND INSTALLMENT CONTRACT SHALL BE INDEXED AND
RECORDED AMONG THE LAND RECORDS IN THE OFFICE OF THE
CLERK OF THE CIRCUIT COURT OF THE COUNTY OR THE SUPERIOR
COURT OF BALTIMORE CITY, WHERE THE PROPERTY WHICH IS THE
SUBJECT OF THE CONTRACT IS LOCATED. WITH REGARD TO ANY
PERSON WHO CLAIMS ANY INTEREST IN OR LIEN ON THE PROPERTY
ARISING AFTER THE TIME OF RECORDING, THE PROPERTY IS
DEEMED TO BE HELD FROM THE TIME OF RECORDING BY THE THEN
RECORD OWNER OF FEE SIMPLE OR LEASEHOLD TITLE TO THE
PROPERTY, SUBJECT TO THE RIGHTS AND INTEREST OF THE
PURCHASER OF THE CONTRACT AS STATED IN THE CONTRACT.

REVISOR'S NOTE: This section presently appears as
Art. 21, §10-104 of the Code. The only
changes are in style.

10-105. PURCHASE MONEY MORTGAGE.

(A)   PURCHASE MONEY MORTGAGE; EXPENSES.

IF THE CONTRACT FIXES NO EARLIER PERIOD, WHEN 40
PERCENT OR MORE OF THE ORIGINAL CASH PRICE OF THE
PROPERTY IS PAID, THE PURCHASES MAY DEMAND A GRANT OF THE
PREMISES MENTIONED IN THE CONTRACT, ON THE CONDITION THAT
HE EXECUTE A PURCHASE MONEY MORTGAGE TO THE VENDOR, OR TO
A MORTGAGEE PROCURED BY THE PURCHASER. IF ANY MORTGAGE
IS EXECUTED PURSUANT TO THE PURCHASER'S DEMAND FOR GRANT
UNDER THIS SUBSECTION, THE PURCHASER IS LIABLE FOR
EXPENSES, SUCH AS TITLE SEARCH, DRAWING DEED AND
MORTGAGE, ONE HALF OF COST OF FEDERAL AND STATE REVENUE
STAMPS, NOTARY FEES, RECORDING, REASONABLE BUILDING
ASSOCIATION FEES, JUDGMENT REPORTS, AND TAX LIEN REPORT.

(B)   PAYMENTS.

THE PERIODIC PRINCIPAL AND INTEREST PAYMENTS
REQUIRED BY THE MORTGAGE MAY NOT EXCEED THE PERIODIC
PRINCIPAL AND INTEREST PAYMENTS OTHERWISE REQUIRED BY THE
LAND INSTALLMENT CONTRACT, EXCEPT WITH THE CONSENT OF THE
MORTGAGOR. THIS CONSENT MAY BE EVIDENCED BY THE
EXECUTION OF A MORTGAGE.

(C)  COVENANTS; REMEDIES ON DEFAULT.