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Ch. 288
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2007 Laws of Maryland
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(II) THIS SUBSECTION DOES NOT APPLY TO PROPERTY:
1. LEASED FOR BUSINESS, COMMERCIAL,
MANUFACTURING, MERCANTILE, OR INDUSTRIAL PURPOSES, OR ANY OTHER
PURPOSE THAT IS NOT PRIMARILY RESIDENTIAL;
2. IMPROVED OR TO BE IMPROVED BY ANY
APARTMENT, CONDOMINIUM, COOPERATIVE, OR OTHER BUILDING FOR
MULTIFAMILY USE OF GREATER THAN FOUR DWELLING UNITS; OR
3. LEASED FOR DWELLINGS OR MOBILE HOMES
THAT ARE ERECTED OR PLACED IN A MOBILE HOME DEVELOPMENT OR MOBILE
HOME PARK.
(3) A contract for the sale of real property subject to a ground rent
shall contain the following [:
(1) Notice of the existence of the ground rent; and
(2) Notice that if the ground rent is not timely paid the effect may be:
(i) That the reversionary owner of the ground rent may bring
an action for possession against the ground rent tenant under § 8-402.2 of this article;
and
(ii) As a result of the action for possession, the reversionary
owner of the ground rent may own the property in fee, discharged from the lease.]
NOTICE IN BOLDFACE TYPE, AT LEAST AS LARGE AS 14 POINT, IN
SUBSTANTIALLY THE FOLLOWING FORM:
"NOTICE REQUIRED BY MARYLAND LAW
REGARDING YOUR GROUND RENT
THIS PROPERTY (ADDRESS) IS SUBJECT TO A GROUND LEASE. THE ANNUAL
PAYMENT ON THE GROUND LEASE ("GROUND RENT") IS $ (DOLLAR AMOUNT),
PAYABLE IN YEARLY OR HALF-YEARLY INSTALLMENTS ON (DATE OR DATES).
THE NEXT GROUND RENT PAYMENT IS DUE (DAY, MONTH, YEAR) IN THE
AMOUNT OF $(DOLLAR AMOUNT).
THE PAYMENT OF THE GROUND RENT SHOULD BE SENT TO:
(NAME OF GROUND RENT OWNER LEASE HOLDER)
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- 1862 -
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