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2006 LAWS OF MARYLAND
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Ch. 174
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2. Become void upon the death of the person for whose
benefit the release was intended if the Foundation has not yet received a building
permit as provided in this subparagraph.
(vi) Any release or preliminary release issued under this paragraph
shall include:
1. A statement of the conditions under which it was issued, a
certification by the Foundation that all necessary conditions for release or
preliminary release have been met, and copies of any pertinent documents; and
2. A statement that the owner's or child's lot may not be
transferred for 5 years from the date of the final release, except on:
A. Approval by the Foundation; or
B. Notwithstanding any conditions on transfers imposed
under item 1 of this subparagraph, a lender providing notice to the Foundation of a
transfer pursuant to a bona fide foreclosure of a mortgage or deed of trust or to a deed
in lieu of foreclosure.
(vii) Any release, preliminary release, building permit, or other
document issued or submitted in accordance with this paragraph shall be recorded
among the land records where the land is located and shall bind all future owners.
(viii) The Foundation may not restrict the ability of a landowner who
originally sold an easement to acquire a release under this paragraph beyond the
requirements provided in this section.
(3) A landowner may reserve the right to exclude 1 unrestricted lot from
an easement in lieu of all owner's and children's lots to which the landowner would
otherwise be entitled under paragraph (2) of this subsection, subject to the following
conditions:
(i) The resulting density on the property shall be less than the
density allowed under zoning of the property before the Foundation purchased the
easement;
(ii) An unrestricted lot may be subdivided by the landowner from
the easement and sold to anyone to construct one residential dwelling;
(iii) The size of an unrestricted lot shall be 1 acre or less, except as
provided in paragraph (6) of this subsection;
(iv) The landowner shall agree not to subdivide further for
residential purposes any acreage allowed to be released, and the agreement shall be
recorded among the land records where the land is located and shall bind all future
owners;
(v) The right to the lot is taken into consideration in the appraisal
of fair market value and determination of easement value;
- 872 -
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