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S.B. 622
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2007 Vetoed Bills and Messages
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LEASE HOLDER, AND ANY PERSON CLAIMING BY, THROUGH, OR UNDER THE
LANDLORD GROUND LEASE HOLDER WHEN THE LEASEHOLD TENANT RECORDS
THE CERTIFICATE IN THE LAND RECORDS OF THE COUNTY IN WHICH THE
PROPERTY IS LOCATED.
(D) TO THE EXTENT THAT THE EXTINGUISHMENT OF A GROUND LEASE
UNDER THIS SECTION CREATES INCOME FOR THE LEASEHOLD TENANT, THAT
INCOME MAY NOT BE CONSIDERED IN THE CALCULATION OF INCOME FOR THE
PURPOSES OF DETERMINING ELIGIBILITY FOR ANY STATE OR LOCAL PROGRAM.
(E) IF THE LEGAL DISABILITY OF A GROUND LEASE HOLDER IS
REMOVED AFTER A GROUND LEASE IS EXTINGUISHED UNDER THIS SECTION:
(1) IF THE GROUND LEASE EXTINGUISHMENT CERTIFICATE HAS
BEEN RECORDED, THE GROUND LEASE HOLDER;
(I) IS ENTITLED TO RECEIVE FROM THE FORMER
LEASEHOLD TENANT THE REDEMPTION VALUE OF THE GROUND LEASE; AND
(II) HAS NO CLAIM ON THE PROPERTY THAT HAD BEEN
SUBJECT TO THE GROUND LEASE; AND
(2) IF THE GROUND LEASE EXTINGUISHMENT 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
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- 4362 -
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