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Martin O'Malley, Governor
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S.B. 622
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(4) NOTWITHSTANDING THE PROVISIONS OF THIS SUBSECTION, A
GROUND LEASE MAY NOT BE EXTINGUISHED UNDER THIS SUBSECTION BEFORE
APRIL 1, 2008.
SUBTITLE 7. REGISTRY OF GROUND LEASES.
8-701.
(A) IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.
(B) "DEPARTMENT MEANS THE STATE DEPARTMENT OF
ASSESSMENTS AND TAXATION.
(C) "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.
(D) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR COLLECTIBLE
IN CONNECTION WITH, THE REVERSION IN FEE SIMPLE RESERVED IN A GROUND
LEASE.
(E) "LANDLORD" MEANS THE HOLDER OF THE REVERSIONARY
INTEREST UNDER A GROUND LEASE.
(F) "TENANT" MEANS THE HOLDER OF THE LEASEHOLD INTEREST
UNDER A GROUND LEASE.
(c) "current ground rent deed of record" means the
document that vests title to the reversionary interest in the
current ground lease holder.
(d) "Ground lease" means a residential lease or sublease for
a term of years renewable forever subject to the payment of a
periodic ground rent.
(E) (1) "GROUND LEASE HOLDER" MEANS THE HOLDER OF THE
REVERSIONARY INTEREST UNDER A GROUND LEASE.
(2) "GROUND LEASE HOLDER" INCLUDES:
(I) AN AN AGENT OF THE GROUND LEASE HOLDER; OR
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- 4357 -
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