Ch. 464

2003 LAWS OF MARYLAND

(3) This section does not apply to leases of the ground or site upon which
dwellings or mobile homes are erected or placed in a mobile home development or
mobile home park.

(b)     (1) 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]
30 DAYS' notice [of one month] to the landlord. NOTICE SHALL BE GIVEN BY
CERTIFIED MAIL, RETURN RECEIPT REQUESTED, AND BY FIRST-CLASS MAIL TO THE
LAST KNOWN ADDRESS OF THE LANDLORD.

(2) THE REVERSION IS REDEEMABLE:

[(1)] (I) For a sum equal to the annual rent reserved multiplied by:

[(i)] 1. 25, which is capitalization at 4 percent, if the lease was
executed from April 8, 1884 to April 5, 1888, both inclusive;

[(h)] 2. 8.33, which is capitalization at 12 percent, if the lease was
or is created after July 1, 1982; or

[(iii)] 3. 16.66, which is capitalization at 6 percent, if the lease was
created at any other time;

[(2)] (II) For a lesser sum if specified in the lease; or

[(3)] (III) For a sum to which the parties may agree at the time of
redemption.

(c)      If the lease is executed on or after July 1, 1971, the reversion is
redeemable at the expiration of 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 5 years from the date of the lease. If the
lease is executed before July 1, 1969, the reversion is redeemable at any time.

(d)     If a tenant has power to redeem the reversion from a trustee or other
person who does not have a power of sale, the reversion nevertheless may be
redeemed in accordance with the procedures prescribed in the Maryland Rules.

(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 redemption of reversions of leases for longer than 15 years.

(f)      (1) Before the entry of a judgment foreclosing an owner's right of
redemption, a reversion in a ground rent or lease for 99 years renewable forever held
on abandoned property in Baltimore City, as defined in § 14-817 of the Tax - Property
Article, may be donated to Baltimore City or, at the option of Baltimore City, to an
entity designated by Baltimore City.

(2) Valuation of the donation of a reversionary interest pursuant to this
subsection shall be in accordance with subsection (b) of this section.

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