MARVIN MANDEL, Governor                                2357

NEGOTIATIONS FOR THE ACQUISITION OF THE PROPERTY. THE
ADDITIONAL PAYMENT SHALL INCLUDE THE FOLLOWING ELEMENTS:

(1)    THE AMOUNT, IF ANY, WHICH, WHEN ADDED TO
THE ACQUISITION COST OF THE DWELLING ACQUIRED BY THE
COMMISSION, EQUALS THE REASONABLE COST OF A COMPARABLE
REPLACEMENT DWELLING WHICH IS A DECENT, SAFE, AND
SANITARY DWELLING ADEQUATE TO ACCOMMODATE THE DISPLACED
PERSON, REASONABLY ACCESSIBLE TO PUBLIC SERVICES AND
PLACES OF EMPLOYMENT AND AVAILABLE ON THE PRIVATE MARKET.

(2)    THE AMOUNT, IF ANY, WHICH WILL
COMPENSATE THE DISPLACED PERSON FOR ANY INCREASED
INTEREST COSTS WHICH HE IS REQUIRED TO PAY FOR FINANCING
THE ACQUISITION OF ANY COMPARABLE REPLACEMENT DWELLING.
THIS AMOUNT SHALL BE PAID ONLY IF THE DWELLING ACQUIRED
BY THE CONDEMNING COMMISSION 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. THIS
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 REMAINDER 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 IN WHICH 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.

(C)    LIMITATION OF PAYMENT.

THE ADDITIONAL PAYMENT AUTHORIZED BY SUBSECTION (B)
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 THE DATE ON WHICH HE
RECEIVES FROM THE COMMISSION FINAL PAYMENT OF ALL COSTS
OF THE ACQUIRED DWELLING OR ON THE DATE ON WHICH HE MOVES
FROM THE ACQUIRED DWELLING, WHICHEVER IS THE LATER DATE.

(D)          MOVING AND RELOCATION EXPENSES.

(1)         WHENEVER THE ACQUISITION OF REAL

PROPERTY FOR A PROGRAM OR PROJECT UNDERTAKEN BY THE
COMMISSION WILL RESULT IN THE DISPLACEMENT OF ANY PERSON
ON OR AFTER JULY 1, 1975, THE PLANNING BOARD OF
MONTGOMERY OR PRINCE GEORGE'S COUNTY, WHICHEVER        IS

APPROPRIATE, SHALL MAKE A PAYMENT TO ANY DISPLACED
PERSON, UPON PROPER APPLICATION AS APPROVED BY THE
COMMISSION, FOR: