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Martin O'Malley, Governor
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S.B. 397
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(5) "LEASEHOLD ESTATE" MEANS THE TENANCY IN REAL
PROPERTY CREATED UNDER A GROUND LEASE.
(6) "REDEEMABLE GROUND RENT" MEANS A GROUND RENT THAT
MAY BE REDEEMED IN ACCORDANCE WITH THIS SECTION OR REDEEMED OR EXTINGUISHED IN ACCORDANCE WITH § 8-110(C) OF THIS SUBTITLE.
(7) (I) "RESIDENTIAL" MEANS REAL PROPERTY ON WHICH
THERE IS OR WAS ONCE CONSTRUCTED IMPROVEMENTS USED OR INTENDED TO
BE USED, FOR RESIDENTIAL PURPOSES.
(H) "RESIDENTIAL" DOES NOT INCLUDE:
1. AN APARTMENT OR COOPERATIVE TENANCY;
2. THE GROUND OR SITE UPON WHICH DWELLINGS
OR MOBILE HOMES ARE ERECTED OR PLACED IN A MOBILE HOME
DEVELOPMENT OR MOBILE HOME PARK; OR
3. PROPERTY LEASED FOR BUSINESS, COMMERCIAL,
MANUFACTURING, MERCANTILE, OR INDUSTRIAL PURPOSES.
(2) "GROUND LEASE" MEANS A RESIDENTIAL LEASE OR
SUBLEASE FOR A TERM OF YEARS RENEWABLE FOREVER SUBJECT TO THE
PAYMENT OF A PERIODIC GROUND RENT.
(3) (I) "GROUND LEASE HOLDER" MEANS THE HOLDER OF THE
REVERSIONARY INTEREST UNDER A GROUND LEASE.
(II) "GROUND LEASE HOLDER" INCLUDES AN AGENT OF THE
GROUND LEASE HOLDER.
(4) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE REVERSIONARY INTEREST UNDER A
GROUND LEASE.
(5) "IRREDEEMABLE GROUND RENT" MEANS A GROUND RENT
CREATED UNDER A GROUND LEASE EXECUTED BEFORE APRIL 9, 1884, THAT
DOES NOT CONTAIN A PROVISION ALLOWING THE LEASEHOLD TENANT TO
REDEEM THE GROUND RENT.
(6) "LEASEHOLD INTEREST" MEANS THE TENANCY IN REAL
PROPERTY CREATED UNDER A GROUND LEASE.
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- 4233 -
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