MARVIN MANDEL, Governor                                    387

REVISOR'S NOTE: This section presently appears as
Art. 21, §10-401 of the Code. The present
reference to "real" property is proposed for
deletion in light of the definition of
"property" in §1-101(k). The only other
changes are in style.

10-402. RECORDED OPTIONS AS NOTICE.

A RECORDED INSTRUMENT,, RECORDED MODIFICATION, OR ANY
AMENDMENT OF THEM CREATING AN OPTION TO PURCHASE PROPERTY
CEASES TO BE ACTUAL OR CONSTRUCTIVE NOTICE TO ANY PERSON
OR TO PUT ANY PERSON ON INQUIRY AS TO EXISTENCE OR
EXERCISE OF THE OPTION, IF:

(1)   THE INSTRUMENT ACCORDING TO ITS TERMS HAS
EXPIRED;

(2)    ONE YEAR HAS ELAPSED SINCE THE TIME OF
EXPIRATION; AND

(3)   NO GRANT OF OTHER INSTRUMENT HAS BEEN
RECORDED SHOWING THAT THE OPTION HAS BEEN EXERCISED.

REVISOR'S NOTE: This section is new language derived
from Art. 21, §10-402 of the Code.

TITLE 11. HORIZONTAL PROPERTY ACT.
11-101. DEFINITIONS.

UNLESS IT IS PLAINLY EVIDENT FROM THE CONTEXT THAT A
DIFFERENT MEANING IS INTENDED, AS USED HEREIN:

(A)   "UNIT" OR "CONDOMINIUM UNIT" MEANS AN ENCLOSED
SPACE CONSISTING OF ONE OR MORE ROOKS OCCUPYING ALL OR
PART OF ONE OR MORE FLOORS IN BUILDINGS OF ONE OR MORE
FLOORS OR STORIES REGARDLESS OF WHETHER THEY ARE DESIGNED
FOR RESIDENCE, FOR OFFICE, FOR THE OPERATION OF ANY
INDUSTRY OR BUSINESS, FOR ANY OTHER TYPE OF INDEPENDENT
USE, AND SHALL INCLUDE SUCH ACCESSORY FACILITIES AS MAY
BE RELATED THERETO, SUCH AS GARAGE SPACE, STORAGE SPACE,
BALCONY, TERRACE OR PATIO, PROVIDED SAID UNIT HAS A
DIRECT EXIT TO A THOROUGHFARE OR TO A GIVEN COMMON
ELEMENT LEADING TO A THOROUGHFARE;

(B)  "CONDOMINIUM" MEANS THE OWNERSHIP OF SINGLE
UNITS IN A MULTI-UNIT STRUCTURE WITH COMMON ELEMENTS;

(C)    "CONDOMINIUM PROJECT" MEANS A REAL ESTATE
CONDOMINIUM PROJECT; A PLAN OR PROJECT WHEREBY FIVE OR
MORE APARTMENTS, ROOMS, OFFICE SPACES, OR OTHER UNITS IN
ANY EXISTING OR PROPOSED BUILDING OR BUILDINGS ARE
OFFERED OR PROPOSED TO BE OFFERED FOR SALE;