420

PRIVATE MARKET.

LAWS OF MARYLAND

[Ch. 12

(2)   ANY AMOUNT WHICH WILL COMPENSATE THE
DISPLACED PERSON FOR ANY INCREASED INTEREST COSTS WHICH
THE PERSON IS REQUIRED TO PAY FOR FINANCING THE
ACQUISITION OF ANY COMPARABLE REPLACEMENT DWELLING. THE
AMOUNT SHALL BE PAID ONLY IF THE DWELLING ACQUIRED BY THE
PUBLIC OR PRIVATE AGENCY WAS ENCUMBERED BY A BONA FIDE
MORTGAGE WHICH WAS A VALID LIEN ON THE DWELLING FOR NOT
LESS THAN 180 DAYS PRIOR TO THE INITIATION OF
NEGOTIATIONS FOR THE ACQUISITION OF THE DWELLING. THE
AMOUNT SHALL BE EQUAL TO THE EXCESS IN THE AGGREGATE
INTEREST AND OTHER DEBT SERVICE COSTS OF THAT AMOUNT OF
THE PRINCIPAL OF THE MORTGAGE ON THE REPLACEMENT DWELLING
WHICH IS EQUAL TO THE UNPAID BALANCE OF THE MORTGAGE ON
THE ACQUIRED DWELLING, OVER THE REMAINING TERM OF THE
MORTGAGE ON THE ACQUIRED DWELLING, REDUCED TO DISCOUNTED
PRESENT VALUE. THE DISCOUNT RATE SHALL BE THE PREVAILING
INTEREST RATE PAID ON SAVINGS DEPOSITS BY COMMERCIAL
BANKS IN THE GENERAL AREA WHERE THE REPLACEMENT DWELLING
IS LOCATED.

(3)     REASONABLE EXPENSES INCURRED BY THE
DISPLACED PERSON FOR EVIDENCE OF TITLE, RECORDING FEES,
AND OTHER CLOSING COSTS INCIDENT TO THE PURCHASE OF THE
REPLACEMENT DWELLING, BUT NOT INCLUDING PREPAID EXPENSES.

REVISOR'S NOTE: This section presently appears as
Art. 21, §12-202 of the Code and is divided
into two subsections for organizational
purposes. The only other changes are in

style.

12-203. SAME - LIMITATION ON PAYMENT.

THE ADDITIONAL PAYMENT AUTHORIZED BY §12-202 SHALL
BE MADE ONLY TO A DISPLACED PERSON WHO PURCHASES AND
OCCUPIES A REPLACEMENT DWELLING WHICH IS DECENT, SAFE,
AND SANITARY, NOT LATER THAN THE END OF THE ONE-YEAR
PERIOD BEGINNING ON:

(1) THE DATE ON WHICH HE RECEIVES FROM THE
PUBLIC OR PRIVATE AGENCY FINAL PAYMENT OF ALL COSTS OF
THE ACQUIRED DWELLING, OR

(2) THE DATE ON WHICH HE IS REQUIRED TO MOVE,

OR

(3) THE DATE ON WHICH HE VOLUNTARILY MOVES
AFTER (1) AND BEFORE (2), WHICHEVER IS THE LATER DATE.

REVISOR'S NOTE: This section presently appears as
Art. 21, §12-203 of the Code. The only
changes are in style.