2668

LAWS OF MARYLAND

Ch. 317

BY repealing and reenacting, with amendments,

Article - Real Property
Section 8-110(b) and (c)
Annotated Code of Maryland
(1981 Replacement Volume)

BY adding to

Article - Real Property
Section 8-110(e)
Annotated Code of Maryland
(1981 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article - Real Property

8-110.

(b)  Except for apartment and cooperative leases, any
reversion reserved in a lease for longer than 15 years is
redeemable, at the option of the tenant, after a notice of
one month to the landlord, for a sum equal to the
capitalization of the rent reserved at a rate not exceeding
[6] 12 percent per year. IF A LEASE IS CREATED AFTER
JULY 1, 1982, IT IS REDEEMABLE AT THE OPTION OF THE TENANT,
AFTER A NOTICE OF 1 MONTH TO THE LANDLORD, FOR A SUM EQUAL
TO THE CAPITALIZATION OF THE RENT RESERVED AT A RATE NOT
EXCEEDING 12 PERCENT PER YEAR. If a lease was executed
between April 8, 1884 and April 5, 1888, the redemption
price may be some other sum specified in the lease not
exceeding 4 percent capitalization of the reversion.

(c)  If the lease is executed on or after July 1, 1971,
the reversion is redeemable at the expiration of [three] 3
years from the date of the lease. If the lease is executed
ON OR AFTER JULY 1, 1982 OR between July 1, 1969 and July 1,
1971, the reversion is redeemable at the expiration of
[five] 5 years from the date of the lease. If the lease is
executed before July 1, 1969, the reversion is redeemable at
any time.

(E) NOTWITHSTANDING SUBSECTIONS (B) AND (C) OF THIS
SECTION, ANY REGULATORY CHANGES MADE BY A FEDERAL AGENCY,
INSTRUMENTALITY, OR SUBSIDIARY, INCLUDING THE DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT, THE FEDERAL HOUSING
ADMINISTRATION, THE GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION, THE FEDERAL NATIONAL MORTGAGE ASSOCIATION, AND
THE VETERANS' ADMINISTRATION, SHALL BE APPLICABLE TO