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Ch. 150
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2002 LAWS OF MARYLAND
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(II) IS AT LEAST THREE TIMES THE WEIGHTED AVERAGE OF THE
MONTHLY COST OF THE PERIODIC FEES CHARGED FOR INDEPENDENT LIVING AND
ASSISTED LIVING UNITS.
(2) " ENTRANCE FEE" INCLUDES A FEE OF SIMILAR FORM AND
APPLICATION, REGARDLESS OF TITLE.
[(h)] (K) "Expansion" means any single new capital addition, excluding
renovation and normal repair and maintenance, that meets either of the following
criteria:
(1) If independent or assisted living units are to be constructed, then the
number of units to be constructed must be less than or equal to 25% of the number of
existing independent and assisted living units; or
(2) If independent or assisted living units are not to be constructed, then
the total projected cost must be an amount that is more than the sum of:
(i) 10% of the total operating expenses, less depreciation,
amortization, and interest expense of the facility as shown on the certified financial
statement for the most recent fiscal year for which a certified financial statement is
available; and
(ii) The amount of the existing reserves properly allocable to, and so
allocated for, the expansion.
(L) "EXTENSIVE CONTRACT" MEANS A CONTINUING CARE AGREEMENT THAT
PROVIDES RESIDENTIAL FACILITIES, MEALS, AMENITIES, AND LONG-TERM CARE
SERVICES IN LICENSED ASSISTED LIVING AND COMPREHENSIVE CARE PROGRAMS
FOR AS LONG AS A SUBSCRIBER NEEDS THEM AND FOR NO INCREASE IN THE
SUBSCRIBER'S ENTRANCE FEE OR PERIODIC FEES, EXCEPT FOR AN ADJUSTMENT TO
ACCOUNT FOR INCREASED OPERATING COSTS CAUSED BY INFLATION OR OTHER
FACTORS UNRELATED TO THE INDIVIDUAL SUBSCRIBER
[(i)] (M) "Facility" means a physical plant in which continuing care is
provided in accordance with this subtitle.
[(j)] (N) "Financial difficulty" means current or impending financial
conditions that impair or may impair the ability of the provider to meet existing or
future obligations.
(O) "GENERAL ASSETS" MEANS:
(1) ALL PROPERTY THAT IS NOT SPECIFICALLY MORTGAGED, PLEDGED,
DEPOSITED, OR OTHERWISE ENCUMBERED FOR THE SECURITY OR BENEFIT OF
SPECIFIED PERSONS OR A LIMITED CLASS OF PERSONS;
(2) TO THE EXTENT THAT PROPERTY OF A CONTINUING CARE PROVIDER
IS SPECIFICALLY ENCUMBERED, THE AMOUNT OF THE PROPERTY OR ITS PROCEEDS
THAT EXCEEDS THE AMOUNT NECESSARY TO DISCHARGE THE ENCUMBRANCE; AND
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- 1488 -
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