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S.B. 397 2007 Vetoed Bills and Messages
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(7) "LEASEHOLD TENANT" MEANS THE HOLDER OF THE
LEASEHOLD INTEREST UNDER A GROUND LEASE.
(8) "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(G) OF THIS SUBTITLE.
(B) (1) THIS SECTION APPLIES TO RESIDENTIAL PROPERTY THAT IS
OR WAS USED, INTENDED TO BE USED, OR AUTHORIZED TO BE USED FOR FOUR
OR FEWER DWELLING UNITS.
(2) THIS SECTION DOES NOT APPLY TO PROPERTY:
(I) LEASED FOR BUSINESS, COMMERCIAL,
MANUFACTURING, MERCANTILE, OR INDUSTRIAL PURPOSES, OR ANY OTHER
PURPOSE THAT IS NOT PRIMARILY RESIDENTIAL;
(II) IMPROVED OR TO BE IMPROVED BY ANY APARTMENT,
CONDOMINIUM, COOPERATIVE, OR OTHER BUILDING FOR MULTIFAMILY USE OF
GREATER THAN FOUR DWELLING UNITS; OR
(III) LEASED FOR DWELLINGS OR MOBILE HOMES THAT ARE
ERECTED OR PLACED IN A MOBILE HOME DEVELOPMENT OR MOBILE HOME
PARK.
(B) (C) (1) AN IRREDEEMABLE GROUND RENT SHALL BE CONVERTED TO,
AND BECOME, A REDEEMABLE GROUND RENT, UNLESS WITHIN THE TIME
SPECIFIED IN SUBSECTION (E) (F) OF THIS SECTION, A NOTICE OF INTENTION
TO PRESERVE IRREDEEMABILITY IS RECORDED.
(2) THE CONVERSION OF AN IRREDEEMABLE GROUND RENT TO A
REDEEMABLE GROUND RENT OCCURS ON THE DAY FOLLOWING THE END OF THE
PERIOD IN WHICH THE NOTICE MAY BE RECORDED.
(3) A DISABILITY OR LACK OF KNOWLEDGE OF ANY KIND DOES
NOT PREVENT THE CONVERSION OF AN IRREDEEMABLE GROUND RENT TO A
REDEEMABLE GROUND RENT IF NO NOTICE OF INTENTION TO PRESERVE
IRREDEEMABILITY IS FILED WITHIN THE TIME SPECIFIED IN SUBSECTION (F)
OF THIS SECTION.
(C) (D) (1) ANY PERSON HOLDING AN IRREDEEMABLE GROUND RENT
GROUND LEASE HOLDER OF AN IRREDEEMABLE GROUND RENT MAY RECORD A
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- 4234 -
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