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Martin O'Malley, Governor S.B. 623
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redeem; requiring the transferee of a ground lease to notify the leasehold tenant
of the transfer within a certain period of time after the transfer: requiring the
notification to include certain information and to be sent to a certain address;
requiring a settlement agent, before settlement of a certain loan, to notify the
borrower of the right to redeem a redeemable ground rent and the redemption
amount; requiring the Department of Housing and Community Development to
study the feasibility of establishing or expanding a certain program to redeem
certain ground rents and to report its findings to certain committees; defining
certain terms; providing for the application of certain provisions of this Act; and
generally relating to encouraging the redemption of existing ground rents.
BY repealing and reenacting, with amendments,
Article - Real Property
Section 8-110
Annotated Code of Maryland
(2003 Replacement Volume and 2006 Supplement)
BY adding to
Article - Real Property
Section 8-110.1 14-116.1 and 14-129
Annotated Code of Maryland
(2003 Replacement Volume and 2006 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Real Property
8-110.
(a) (1) This section does not apply to leases of property leased for
business, commercial, manufacturing, mercantile, or industrial purposes or any other
purpose which is not primarily residential, where the term of the lease, including all
renewals provided for, does not exceed 99 years. A lease of the entire property
improved or to be improved by any apartment, condominium, cooperative, or other
building for multiple-family use on the property constitutes a business and not a
residential purpose. The term "multiple-family use" does not apply to any duplex or
single-family structure converted to a multiple-dwelling unit.
(2) Except as provided in subsection [(g)] (F) of this section, this
section does not apply to irredeemable leases executed before April 9, 1884.
(3) This section does not apply to leases of the ground or site upon
which dwellings or mobile homes are erected or placed in a mobile home development
or mobile home park.
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