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S.B. 623
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2007 Vetoed Bills and Messages
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(b) (1) Except for apartment and cooperative leases, any reversion
reserved in a lease for longer than 15 years is redeemable AT ANY TIME, at the option
of the tenant, after 30 days' notice to the landlord. Notice shall be given by certified
mail, return receipt requested, and by first-class mail to the last known address of the
landlord.
(2) The reversion is redeemable:
(i) For a sum equal to the annual rent reserved multiplied by:
1. 25, which is capitalization at 4 percent, if the lease
was executed from April 8, 1884 to April 5, 1888, both inclusive;
2. 8.33, which is capitalization at 12 percent, if the lease
was or is created after July 1, 1982; or
3. 16.66, which is capitalization at 6 percent, if the lease
was created at any other time;
(ii) For a lesser sum if specified in the lease; or
(iii) For a sum to which the parties may agree at the time of
redemption.
(c) [If the lease is executed on or after July 1, 1971, the reversion is
redeemable at the expiration of 3 years from the date of the lease. If the lease is
executed on or after July 1, 1982 or between July 1, 1969 and July 1, 1971, the
reversion is redeemable at the expiration of 5 years from the date of the lease. If the
lease is executed before July 1, 1969, the reversion is redeemable at any time.
(d) ] If a tenant has power to redeem the reversion from a trustee or other
person who does not have a power of sale, the reversion nevertheless may be redeemed
in accordance with the procedures prescribed in the Maryland Rules.
[(e)] (D) Notwithstanding [subsections (b) and (c)] SUBSECTION (B) of this
section, any regulatory changes made by a federal agency, instrumentality, or
subsidiary, including the Department of Housing and Urban Development, the
Federal Housing Administration, the Government National Mortgage Association, the
Federal National Mortgage Association, and the Veterans' Administration, shall be
applicable to redemption of reversions of leases for longer than 15 years.
[(f)] (E) (1) Before the entry of a judgment foreclosing an owner's right
of redemption, a reversion in a ground rent or lease for 99 years renewable forever
held on abandoned property in Baltimore City, as defined in § 14-817 of the Tax -
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- 4366 -
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