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Ch. 290
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Martin O'Malley, Governor
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(II) HAS NO CLAIM ON THE PROPERTY THAT HAD BEEN
SUBJECT TO THE GROUND LEASE; AND
(2) IF THE GROUND LEASE EXTINGISHMENT CERTIFICATE HAS
NOT BEEN RECORDED, THE GROUND LEASE HOLDER:
(I) MAY REINSTATE THE GROUND LEASE BY REGISTERING
THE GROUND LEASE WITH THE DEPARTMENT WITHIN 2 YEARS AFTER THE
REMOVAL OF THE LEGAL DISABILITY; AND
(II) IS NOT ENTITLED TO GROUND RENT FOR THE PERIOD
OF THE LEGAL DISABILITY.
(F) IF A GROUND LEASE IS EXTINGUISHED UNDER THIS SECTION AND A
GROUND LEASE EXTINGUISHMENT CERTIFICATE HAS NOT BEEN RECORDED, A
BUYER OF THE PROPERTY FOR WHICH THE GROUND LEASE HAS BEEN
EXTINGUISHED:
(1) MAY APPLY TO THE DEPARTMENT FOR A GROUND LEASE
EXTINGUISHMENT CERTIFICATE AND FILE THE CERTIFICATE IN THE LAND
RECORDS OF THE COUNTY IN WHICH THE PROPERTY IS LOCATED; AND
(2) MAY ONCE THE GROUND LEASE EXTINGUISHMENT
CERTIFICATE HAS BEEN FILED, MAY NOT BE REQUIRED TO PAY ANY SECURITY
OR ANY AMOUNT INTO AN ESCROW ACCOUNT FOR THE EXTINGUISHED GROUND
LEASE.
8-708. 8-709.
THE DEPARTMENT SHALL WORK WITH THE STATE ARCHIVES TO
COORDINATE THE RECORDATION, INDEXING, AND LINKING OF GROUND LEASES
REGISTERED UNDER THIS SUBTITLE.
8-710.
THE DEPARTMENT SHALL CREDIT ALL FEES COLLECTED UNDER THIS
SUBTITLE TO THE FUND ESTABLISHED UNDER § 1-203.3 OF THE
CORPORATIONS AND ASSOCIATIONS ARTICLE. FEES RECEIVED SHALL BE HELD
IN A GROUND LEASE REGISTRY ACCOUNT IN THAT FUND AND SHALL HELP
DEFRAY THE COSTS OF THE REGISTRY CREATED UNDER THIS SUBTITLE.
8-709. 8-711.
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- 1881 -
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