|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ch. 288
|
|
|
|
|
|
Martin O'Malley, Governor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AS THE OWNER OF THIS PROPERTY, YOU ARE ENTITLED TO OFFER TO
PURCHASE REDEEM, OR PURCHASE, THE GROUND RENT LEASE FROM THE
GROUND RENT OWNER LEASE HOLDER AND OBTAIN ABSOLUTE OWNERSHIP OF
THE PROPERTY. THE REDEMPTION AMOUNT IS FIXED BY LAW BUT MAY ALSO BE
NEGOTIATED WITH THE GROUND LEASE HOLDER FOR A DIFFERENT AMOUNT.
FOR INFORMATION ON PURCHASING REDEEMING THE GROUND RENT LEASE,
CONTACT THE GROUND RENT OWNER LEASE HOLDER. IF THE IDENTITY OF THE
GROUND RENT OWNER LEASE HOLDER IS UNKNOWN, THE STATE DEPARTMENT
OF ASSESSMENTS AND TAXATION PROVIDES A PROCESS TO REDEEM THE
GROUND RENT LEASE THAT MAY RESULT IN YOUR OBTAINING ABSOLUTE
OWNERSHIP OF THE PROPERTY. IF YOU WOULD LIKE TO OBTAIN ABSOLUTE
OWNERSHIP OF THIS PROPERTY, YOU SHOULD CONTACT A LAWYER FOR
ADVICE.".
14-117.
(a) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE
THE MEANINGS INDICATED.
(II) "GROUND LEASE" MEANS A RESIDENTIAL LEASE OR
SUBLEASE FOR A TERM OF YEARS RENEWABLE FOREVER SUBJECT TO THE
PAYMENT OF A PERIODIC GROUND RENT.
(III) 1. "GROUND LEASE HOLDER" MEANS THE HOLDER
OF THE REVERSIONARY INTEREST UNDER A GROUND LEASE.
2. "GROUND LEASE HOLDER" INCLUDES AN AGENT
OF THE GROUND LEASE HOLDER.
(IV) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE REVERSIONARY INTEREST UNDER A
GROUND LEASE.
(V) "LEASEHOLD INTEREST" MEANS THE TENANCY IN REAL
PROPERTY CREATED UNDER A GROUND LEASE.
(VI) "LEASEHOLD TENANT" MEANS THE HOLDER OF THE
LEASEHOLD INTEREST UNDER A GROUND LEASE.
(2) (I) THIS SUBSECTION APPLIES TO RESIDENTIAL PROPERTY
THAT WAS OR IS USED, INTENDED TO BE USED, OR AUTHORIZED TO BE USED
FOR FOUR OR FEWER DWELLING UNITS.
|
|
|
|
|
|
|
|
|
|
- 1861 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
