WILLIAM DONALD SCHAEFER, Governor                      Ch. 96

(I) IF, PRIOR TO ANY PROTECTED ACTION, THE
OWNER OR PURCHASER RECORDS A COVENANT RUNNING WITH THE LAND ON
WHICH THE ASSISTED PROJECT IS LOCATED, IN A FORM SATISFACTORY TO
THE SECRETARY, WHICH PRESERVES CONTINUES FOR THE PROJECT THE
APPLICABLE EXISTING LOW INCOME RENTAL RESTRICTIONS OF THE FEDERAL
HOUSING PROGRAM:

(1) 1.         FOR THE DURATION OF THE TERM REMAINING AS OF

THE DATE OF PREPAYMENT OF ANY MORTGAGE DESCRIBED UNDER SUBSECTION
(B)(1) OF THIS SECTION; AND

(2) 2. FOR THE DURATION OF THE REMAINING TERM AS OF
THE DATE OF TERMINATION, INCLUDING ALL STATED AND UNEXERCISED
RENEWAL TERMS, OF ANY RENTAL ASSISTANCE AGREEMENT DESCRIBED UNDER
SUBSECTION (B)(2) OF THIS SECTION OR 5 YEARS, WHICHEVER IS
GREATER OR SUCH LONGER PERIOD AS REQUIRED BY THE SECRETARY; OR

(II) IF ANY SALE OR CONVEYANCE OF AN ASSISTED
PROJECT:

1. IS SUBJECT TO THE CONTINUATION OF THE
EXISTING MORTGAGE FINANCING DESCRIBED UNDER SUBSECTION (B)(1) OF
THIS SECTION; AND

2. DOES NOT OCCUR FOLLOWING OR AT THE
DATE OF A TERMINATION, FAILURE TO RENEW, OR EXPIRATION OF
PROJECT-BASED SECTION 8 RENTAL ASSISTANCE AS DESCRIBED UNDER
SUBSECTION (B)(2) OF THIS SECTION.

(2) BY RULE OR REGULATION THE SECRETARY SHALL
ESTABLISH STANDARDS AND PROCEDURES BY WHICH INTERESTED PERSONS
MAY SEEK AND OBTAIN EXEMPTIONS FROM ANY REQUIREMENT OF § 9-104, §
9-105, OR § 9-106 OF THIS TITLE:

(I) IF TITLE II OF THE HOUSING AND COMMUNITY
DEVELOPMENT ACT OF 1987 CONTINUES, IS AMENDED, OR EXTENDED, OR IF
A SUCCESSOR FEDERAL LAW IS ENACTED; AND

(II) 1. TO DIMINISH THE BURDENS OF DUAL
REGULATION; OR

2. TO PREVENT THE INCONSISTENT OR
INEQUITABLE APPLICATION OF FEDERAL AND STATE LAW.

(B) EVERY OWNER OF AN    ASSISTED PROJECT LOCATED IN THE

STATE, WHO TAKES OR INTENDS    TO TAKE ANY OF THE FOLLOWING

PROTECTED ACTIONS, SHALL BE     SUBJECT TO THE PROVISIONS OF THIS
TITLE:

(1) THE PREPAYMENT IN FULL BEFORE THE MATURITY DATE
OF ANY MORTGAGE FINANCING AN ASSISTED PROJECT WHICH IS:

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