Ch. 96

LAWS OF MARYLAND

(IV)  EXCEPT AS PROVIDED IN SUBSECTION
(E)(1)(III) OF THIS SECTION, A REQUIREMENT THAT THE FIRST $10,000
OF ANY DEPOSIT BY THE PURCHASER SHALL BE NONREFUNDABLE; AND

(V)  OTHER PURCHASE CONTRACT TERMS AS DETERMINED
UNDER SUBSECTION (D) OF THIS SECTION;

(3) A SUMMARY OF THE PROCEDURES AND TIMING FOR THE
EXERCISE OF THE PURCHASE RIGHT AS SPECIFIED UNDER THIS TITLE AND
ANY REGULATIONS.

(D)  (1) IF THE OWNER HAS RECEIVED AN OFFER TO PURCHASE THE
ASSISTED PROJECT FROM AN UNRELATED BONA FIDE PURCHASER FOR VALUE,
THEN EXCEPT AS REQUIRED UNDER SUBSECTION (C) OF THIS SECTION, THE
TERMS OF THE OWNER'S OFFER SHALL BE SUBSTANTIALLY THE SAME TERMS
AND CONDITIONS AS OFFERED IN A BINDING PURCHASE CONTRACT TO THE
OWNER BY THE BONA FIDE PURCHASER INCLUDING THE PURCHASE PRICE,
TERMS OF PAYMENT, ANY FINANCING CONTINGENCIES, AND ANY ASSUMABLE
OR PURCHASE MONEY FINANCING.

(2) IF THE OWNER HAS NOT RECEIVED AN OFFER WHICH
QUALIFIES UNDER SUBSECTION (D)(1) OF THIS SECTION:

(I)  THE PURCHASE PRICE OF THE OWNER'S OFFER
SHALL BE DEEMED TO BE THE LESSER OF:

1.  THE PURCHASE PRICE OF ANY OFFER WHICH
DOES NOT QUALIFY UNDER PARAGRAPH (1) OF THIS SUBSECTION; OR

2.  THE FAIR MARKET VALUE OF THE PROPERTY
AS DETERMINED UNDER SUBSECTION (F) OF THIS SECTION;

(II) THE OWNER'S OFFER SHALL BE ACCOMPANIED BY A
WRITTEN APPRAISAL OF THE FAIR MARKET VALUE OF THE ASSISTED
PROJECT PREPARED IN ACCORDANCE WITH SUBSECTION (F) OF THIS
SECTION; AND

(III)  THE REMAINING TERMS OF THE PURCHASE
CONTRACT SHALL BE AS REQUIRED UNDER SUBSECTION (C) OF THIS
SECTION AND SHALL OTHERWISE CONFORM TO STANDARD COMMERCIAL TERMS
FOR A CONTRACT OF THIS TYPE TERMS THAT ARE ACCEPTED AS REASONABLE
IN THAT MARKET, SUBJECT TO FINAL REVIEW BY THE DEPARTMENT.

(E)  (1) (I) ANY OF THE PARTIES IDENTIFIED IN SUBSECTION (A)
OF THIS SECTION SHALL HAVE THE RIGHT TO ACCEPT THE OWNER'S OFFER
WITHIN 120 DAYS OF THE DATE OF THE OFFER.

(II) IF MORE THAN ONE PARTY SUBMITS AN
ACCEPTANCE OF THE OWNER'S OFFER WITHIN THE ORIGINAL 120-DAY
PERIOD, THE SECRETARY SHALL DETERMINE WHICH PARTY SHALL HAVE THE
RIGHT TO ACCEPT THE OWNER'S OFFER BASED UPON WHICH PARTY'S
ACCEPTANCE, IN THE SECRETARY'S SOLE DISCRETION, WILL MOST BENEFIT
THE ASSISTED HOUSEHOLDS.

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