936

LAWS OF MARYLAND

Ch. 348

REQUIRED PURSUANT TO SUBSECTIONS (A) AND (B), MAKES ANY
UNTRUE STATEMENT OF A MATERIAL FACT, OR OMITS TO STATE A
MATERIAL FACT NECESSARY IN ORDER TO MAKE THE STATEMENTS
MADE, IN THE LIGHT OF CIRCUMSTANCES UNDER WHICH THEY WERE
MADE, NOT MISLEADING, SHALL BE LIABLE TO ANY PERSON
PURCHASING A UNIT FROM HIM. HOWEVER, NO ACTION MAY BE
MAINTAINED TO ENFORCE ANY LIABILITY CREATED UNDER THIS
SECTION UNLESS BROUGHT WITHIN ONE YEAR AFTER THE FACTS
CONSTITUTING THE CAUSE OF ACTION ARE OR SHOULD HAVE BEEN
DISCOVERED.

(F)    THE RIGHTS OF PURCHASERS UNDER THIS SECTION
MAY NOT BE WAIVED IN THE CONTRACT OF SALE AND ANY
ATTEMPTED WAIVER IS VOID. HOWEVER, IF ANY PURCHASER
PROCEEDS TO CLOSING, HIS RIGHT UNDER THIS SECTION TO
RESCIND IS TERMINATED.

(G)    THE REQUIREMENTS OF THIS SECTION DO NOT APPLY
TO THE SALE OF ANY UNIT WHICH IS TO BE OCCUPIED AND USED
FOR NONRESIDENTIAL PURPOSES.

(H) THE REQUIREMENTS OF THIS SECTION SHALL APPLY
TO THE SALE OF ANY UNIT OFFERED FOR SALE IN THE STATE
WITHOUT REGARD TO THE LOCATION OF THE CONDOMINIUM.

(I) THE NOTICE REFERRED TO IN SUBSECTION (A) SHALL
BE SUFFICIENT FOR THE PURPOSES OF THIS SECTION IF IT IS
IN SUBSTANTIALLY THE FOLLOWING FORM:

NOTICE

THE SELLER IS REQUIRED BY LAW TO FURNISH TO YOU
CERTAIN INFORMATION CONCERNING THE CONDOMINIUM WHICH IS
DESCRIBED IN SECTION 11-124 OF THE MARYLAND CONDOMINIUM
ACT. THIS INFORMATION MUST INCLUDE AT LEAST THE
FOLLOWING:

(1)    A COPY OF THE PROPOSED CONTRACT OF SALE
FOR THE UNIT;

(2)    A COPY OF THE PROPOSED DECLARATION AND
BYLAWS;

(3)    A COPY OF THE PROPOSED ARTICLES OF
INCORPORATION OF THE COUNCIL OF UNIT OWNERS, IF IT IS TO
BE INCORPORATED;

(4)    A COPY OF ANY PROPOSED MANAGEMENT
CONTRACT, EMPLOYMENT CONTRACT, OR OTHER CONTRACT
AFFECTING THE USE, MAINTENANCE, OR ACCESS OF ALL OR PART
OF THE CONDOMINIOM TO WHICH IT IS ANTICIPATED THE UNIT
OWNERS OR THE COUNCIL OF UNIT OWNERS WILL BE A PARTY
FOLLOWING CLOSING;

(5)    A COPY OF THE PROJECTED ANNUAL OPERATING
BUDGET FOR THE CONDOMINIUM INCLUDING REASONABLE DETAILS
CONCERNING THE ESTIMATED MONTHLY PAYMENTS BY THE
PURCHASER FOR ASSESSMENTS, AND MONTHLY CHARGES FOR THE