3268

LAWS OF MARYLAND

Ch. 834

(IX)  MEMBER LOAN DOCUMENTS AND ANY CONTRACT,
NOTE, MORTGAGE GIVEN TO THE DEVELOPER, OR OTHER INSTRUMENT TO BE
ENTERED INTO WITH THE DEVELOPER AS PART OF THE INITIAL SALE;

(X)  ANY LEASE OTHER THAN THE PROPRIETARY LEASE
TO A THIRD PARTY OF REAL OR PERSONAL PROPERTY TO WHICH THE
COOPERATIVE HOUSING CORPORATION IS A PARTY; AND

(XI)  ANY MANAGEMENT CONTRACT, EMPLOYMENT
CONTRACT, OR OTHER CONTRACT EXCLUDING CONTRACTS OF INSURANCE
AFFECTING THE USE, MAINTENANCE OR ACCESS TO ALL OR PART OF THE
REAL OR PERSONAL PROPERTY OF THE COOPERATIVE HOUSING CORPORATION;

(4)  A COPY OF THE PROJECTED ANNUAL OPERATING BUDGET
FOR THE COOPERATIVE HOUSING CORPORATION INCLUDING, WHERE
APPLICABLE:

(I)  INSURANCE;

(II)  ADMINISTRATION;

(III)  MAINTENANCE;

(IV)  UTILITIES;

(V)  GENERAL EXPENSES;

(VI)  RESERVES;

(VII)  CAPITAL ITEMS;

(VIII)  DEBT SERVICE; AND

(IX)  TAXES; AND

(5)  IF APPLICABLE, A COPY OF THE NOTICE AND MATERIALS
REQUIRED BY SECTION § 5-6B-05 OF THIS SUBTITLE, AND A COPY OF THE
FINANCIAL STANDARDS REQUIRED TO BE ESTABLISHED UNDER §
5-6B-06(A)(2)(I) OF THIS SUBTITLE.

(C)  STATEMENTS REQUIRED IN THIS SECTION MAY BE SUMMARIZED
OR PRODUCED IN A COLLECTION OF DOCUMENTS WHICH EFFECTIVELY
CONVEYS THE REQUIRED INFORMATION TO THE INITIAL PURCHASER.

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

5-6B-03.

(A) WITHIN 15 DAYS AFTER A CONTRACT IS SIGNED OR A PUBLIC
OFFERING STATEMENT IS RECEIVED, WHICHEVER OCCURS LATER, THE
INITIAL PURCHASER MAY RESCIND, IN WRITING, THE CONTRACT WITHOUT
ANY LIABILITY ON THE INITIAL PURCHASER'S PART, AND SHALL