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Ch. 290
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2007 Laws of Maryland
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(iii) Any assumption agreement by which a person agrees to
assume the liability of a debt or other obligation secured by a mortgage or deed of
trust;
(iv) Any release of personal liability of a borrower or guarantor
under a mortgage or under a note or other obligation secured by a deed of trust; or
(v) A ground rent redemption certificate or a ground rent
extinguishment certificate issued under § 8-110 of this article OR A GROUND LEASE
EXTINGUISHMENT CERTIFICATE ISSUED UNDER § 8-707 8-708 OF THIS
ARTICLE.
(3) The recording of any instrument constitutes constructive notice
from the date of recording.
8-107.
(A) If there is no demand or payment for more than 20 consecutive years of
any specific rent reserved out of a particular property or any part of a particular
property under any form of lease, the rent conclusively is presumed to be extinguished
and the landlord may not set up any claim for the rent or to the reversion in the
property out of which it issued. The landlord also may not institute any suit, action, or
proceeding to recover the rent or the property. However, if the landlord is under any
legal disability when the period of 20 years of nondemand or nonpayment expires, the
landlord has two years after the removal of the disability within which to assert the
landlord's rights.
(B) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE
THE MEANING INDICATED.
(II) "GROUND LEASE" MEANS A RESIDENTIAL LEASE OR
SUBLEASE IN EFFECT ON OR AFTER OCTOBER 1, 2007, THAT HAS AN INITIAL
TERM OF 99 YEARS RENEWABLE FOREVER AND IS SUBJECT TO THE PAYMENT OF
AN ANNUAL GROUND RENT.
(III) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE RETORSION IN FEE SIMPLE RESERVED
IN A GROUND LEASE.
(IV) "LANDLORD" MEANS THE HOLDER OF THE
REVERSIONARY INTEREST UNDER A GROUND LEASE.
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- 1874 -
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