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Ch. 287
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Martin O'Malley, Governor
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(3) IF A NOTICE IS RECORDED ON OR BEFORE DECEMBER 31,
2010, THE GROUND RENT SHALL REMAIN IRREDEEMABLE FOR A PERIOD OF 10
YEARS FROM JANUARY 1, 2011, TO DECEMBER 31, 2020, BOTH INCLUSIVE.
(4) (I) THE EFFECTIVENESS OF A FILED NOTICE TO PRESERVE
IRREDEEMABILITY SHALL LAPSE ON JANUARY 1, 2021, AND THE GROUND RENT
SHALL BECOME A REDEEMABLE GROUND RENT, UNLESS A RENEWAL NOTICE
CONTAINING SUBSTANTIALLY THE SAME INFORMATION AS THE NOTICE OF
INTENTION TO PRESERVE IRREDEEMABILITY IS RECORDED WITHIN 6 MONTHS
BEFORE THE EXPIRATION OF THE 10-YEAR PERIOD SET FORTH IN PARAGRAPH
(3) OF THIS SUBSECTION.
(II) THE EFFECTIVENESS OF ANY SUBSEQUENTLY FILED
RENEWAL NOTICE SHALL LAPSE AFTER THE EXPIRATION OF THE APPLICABLE
10-YEAR PERIOD AND THE GROUND RENT SHALL BECOME A REDEEMABLE
GROUND RENT, UNLESS FURTHER RENEWAL NOTICES ARE RECORDED WITHIN 6
MONTHS BEFORE THE EXPIRATION OF THE APPLICABLE 10-YEAR PERIOD.
(F)(G) A GROUND RENT MADE REDEEMABLE IN ACCORDANCE WITH
THIS SECTION:
(1) IS REDEEMABLE AT ANY TIME FOLLOWING THE DATE OF
CONVERSION OF THE IRREDEEMABLE GROUND RENT TO A REDEEMABLE
GROUND RENT; AND
(2) SHALL BE REDEEMABLE FOR A SUM EQUAL TO THE ANNUAL
RENT RESERVED MULTIPLIED BY 16.66, WHICH IS CAPITALIZATION AT 6
PERCENT.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 2007.
Approved by the Governor, May 8, 2007.
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CHAPTER 288
(Senate Bill 398)
AN ACT concerning
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- 1855 -
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