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Ch. 287 2007 Laws of Maryland
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(4) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE REVERSIONARY INTEREST UNDER A
GROUND LEASE.
(5) "IRREDEEMABLE GROUND RENT" MEANS A GROUND RENT
CREATED UNDER A GROUND LEASE EXECUTED BEFORE APRIL 9, 1884, THAT
DOES NOT CONTAIN A PROVISION ALLOWING THE LEASEHOLD TENANT TO
REDEEM THE GROUND RENT.
(6) "LEASEHOLD INTEREST" MEANS THE TENANCY IN REAL
PROPERTY CREATED UNDER A GROUND LEASE.
(7) "LEASEHOLD TENANT" MEANS THE HOLDER OF THE
LEASEHOLD INTEREST UNDER A GROUND LEASE.
(8) "REDEEMABLE GROUND RENT" MEANS A GROUND RENT THAT
MAY BE REDEEMED IN ACCORDANCE WITH THIS SECTION OR REDEEMED OR
EXTINGUISHED IN ACCORDANCE WITH § 8-110(G) OF THIS SUBTITLE.
(B) (1) THIS SECTION APPLIES TO RESIDENTIAL PROPERTY THAT IS
OR WAS USED, INTENDED TO BE USED, OR AUTHORIZED TO BE USED FOR FOUR
OR FEWER DWELLING UNITS.
(2) THIS SECTION DOES NOT APPLY TO PROPERTY:
(I) LEASED FOR BUSINESS, COMMERCIAL,
MANUFACTURING, MERCANTILE, OR INDUSTRIAL PURPOSES, OR ANY OTHER
PURPOSE THAT IS NOT PRIMARILY RESIDENTIAL;
(II) IMPROVED OR TO BE IMPROVED BY ANY APARTMENT,
CONDOMINIUM, COOPERATIVE, OR OTHER BUILDING FOR MULTIFAMILY USE OF
GREATER THAN FOUR DWELLING UNITS; OR
(III) LEASED FOR DWELLINGS OR MOBILE HOMES THAT ARE
ERECTED OR PLACED IN A MOBILE HOME DEVELOPMENT OR MOBILE HOME
PARK.
(B)(C) (1) AN IRREDEEMABLE GROUND RENT SHALL BE
CONVERTED TO, AND BECOME, A REDEEMABLE GROUND RENT, UNLESS WITHIN
THE TIME SPECIFIED IN SUBSECTION (E) (F) OF THIS SECTION, A NOTICE OF
INTENTION TO PRESERVE IRREDEEMABILITY IS RECORDED.
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- 1852 -
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