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2007 Vetoed Bills and Messages
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S.B. 397
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(2) (I) A NOTICE THAT SUBSTANTIALLY MEETS THE
REQUIREMENTS OF THIS SECTION SHALL BE ACCEPTED FOR RECORDING
AMONG THE LAND RECORDS ON PAYMENT OF THE SAME FEES AS ARE CHARGED
FOR THE RECORDING OF DEEDS.
(II) THE FILING OF A NOTICE IS EXEMPT FROM THE
IMPOSITION OF A STATE OR LOCAL EXCISE TAX.
(3) THE NOTICE SHALL BE INDEXED AS "NOTICE OF INTENTION
TO PRESERVE IRREDEEMABILITY":
(I) IN THE GRANTEE INDICES OF DEEDS UNDER THE NAME
OF EVERY OWNER OF THE IRREDEEMABLE GROUND RENT GROUND LEASE
HOLDER OF AN IRREDEEMABLE GROUND RENT;
(II) IN THE GRANTOR INDICES OF DEEDS UNDER THE NAME
OF EVERY OWNER OF THE LEASEHOLD ESTATE TENANT AS OF THE TIME THE
NOTICE IS FILED ACCORDING TO THE LAND RECORDS OR THE RECORDS OF THE
STATE DEPARTMENT OF ASSESSMENTS AND TAXATION; AND
(III) IN THE BLOCK INDEX IN BALTIMORE CITY.
(E) (F) (1) TO PRESERVE THE IRREDEEMABILITY OF AN IRREDEEMABLE
GROUND RENT, A NOTICE OF INTENTION TO PRESERVE SHALL BE RECORDED ON
OR BEFORE DECEMBER 31, 2010.
(2) IF A NOTICE OF INTENTION TO PRESERVE IS NOT RECORDED
ON OR BEFORE DECEMBER 31, 2010, THE GROUND RENT BECOMES A
REDEEMABLE GROUND RENT.
(3) IF A NOTICE IS RECORDED ON OR BEFORE DECEMBER 31,
2010, THE GROUND RENT SHALL REMAIN IRREDEEMABLE FOR A PERIOD OF 10
YEARS FROM JANUARY 1, 2011, TO DECEMBER 31, 2020, BOTH INCLUSIVE.
(4) (I) THE EFFECTIVENESS OF A FILED NOTICE TO PRESERVE
IRREDEEMABILITY SHALL LAPSE ON JANUARY 1, 2021, AND THE GROUND RENT
SHALL BECOME A REDEEMABLE GROUND RENT, UNLESS A RENEWAL NOTICE
CONTAINING SUBSTANTIALLY THE SAME INFORMATION AS THE NOTICE OF
INTENTION TO PRESERVE IRREDEEMABILITY IS RECORDED WITHIN 6 MONTHS
BEFORE THE EXPIRATION OF THE 10-YEAR PERIOD SET FORTH IN PARAGRAPH
(3) OF THIS SUBSECTION.
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- 4236 -
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