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S.B. 623
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2007 Vetoed Bills and Messages
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AMOUNT AND ANY BACK RENT DUE WITHIN 30 DAYS AFTER THE DATE OF
MAILING THE NOTIFICATION OF INTENT TO REDEEM TO THE LANDLORD, THE
TENANT SHALL BE DEEMED TO HAVE WAIVED THE RIGHT TO REDEEM AND THE
LANDLORD MAY PROCEED WITH THE TRANSFER OF THE GROUND RENT TO A
THIRD PARTY.
14-116.1.
(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(2) "GROUND LEASE" MEANS A RESIDENTIAL LEASE OR
SUBLEASE FOR A TERM OF YEARS RENEWABLE FOREVER SUBJECT TO THE
PAYMENT OF A PERIODIC GROUND RENT.
(3) (I) "GROUND LEASE HOLDER" MEANS THE HOLDER OF THE
REVERSIONARY INTEREST UNDER A GROUND LEASE.
(II) "GROUND LEASE HOLDER" INCLUDES AN AGENT OF THE
GROUND LEASE HOLDER.
(4) "GROUND RENT" MEANS A RENT ISSUING OUT OF, OR
COLLECTIBLE IN CONNECTION WITH, THE REVERSIONARY INTEREST UNDER A
GROUND LEASE.
(5) "LEASEHOLD TENANT" MEANS THE HOLDER OF THE
LEASEHOLD INTEREST UNDER A GROUND LEASE.
(6) "REDEEMABLE GROUND RENT" MEANS A GROUND RENT THAT
MAY BE REDEEMED IN ACCORDANCE WITH § 8-110 OF THIS ARTICLE.
(B) (l) THIS SECTION APPLIES TO RESIDENTIAL PROPERTY THAT IS
OR WAS USED, INTENDED TO BE USED, OR AUTHORIZED TO BE USED FOR FOUR
OR FEWER DWELLING UNITS.
(2) THIS SECTION DOES NOT APPLY TO PROPERTY:
(I) LEASED FOR BUSINESS, COMMERCIAL,
MANUFACTURING, MERCANTILE, OR INDUSTRIAL PURPOSES, OR ANY OTHER
PURPOSE THAT IS NOT PRIMARILY RESIDENTIAL;
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- 4372 -
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