S.B. 655                                                  VETOES

1-203.3.                                    .         .

(a)     There is a continuing, nonlapsing fund that is not subject to § 7-302 of the
State Finance and Procurement Article.

(b)     Subject to the appropriation process in the State budget, the Department
shall use the fund [for]:

(1)      FOR the costs of reviewing, processing, and auditing documents filed
or requested under this article or other articles of the Code; AND

(2)      TO PAY REDEMPTION AMOUNTS TO FORMER OWNERS OF GROUND
RENTS REDEEMED IN ACCORDANCE WITH § 8-110 OF THE REAL PROPERTY ARTICLE.

(c)      The State Treasurer shall hold and the State Comptroller shall account for
the fund.

(d)     The fund shall be invested and reinvested in the same manner as other
State funds.

(e)     Investment earnings shall accrue to the benefit of the fund.

Article - Real Property

3-102.

(a) (1) Any other instrument affecting property, including any contract for
the grant of property, or any subordination agreement establishing priorities between
interests in property may be recorded.

(2)     The following instruments also may be recorded:

(i) Any notice of deferred property footage assessment for street
construction;

(ii) Any boundary survey plat signed and sealed by a professional
land surveyor or property-line surveyor licensed in the State;

(iii) Any assumption agreement by which a person agrees to assume
the liability of a debt or other obligation secured by a mortgage or deed of trust; [or]

(iv) Any release of personal liability of a borrower or guarantor
under a mortgage or under a note or other obligation secured by a deed of trust; OR

(V) A GROUND RENT REDEMPTION CERTIFICATE ISSUED UNDER §
8-110 OF THIS ARTICLE.

(3)     The recording of any instrument constitutes constructive notice from
the date of recording.

8-110.

(a) (1) This section does not apply to leases of property leased for business,
commercial, manufacturing, mercantile, or industrial purposes or any other purpose
which is not primarily residential, where the term of the lease, including all renewals

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