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§ 2-510.1. Installment purchase agreements

West's Annotated Code of MarylandAgriculture

West's Annotated Code of Maryland
Agriculture
Title 2. Department of Agriculture (Refs & Annos)
Subtitle 5. Maryland Agricultural Land Preservation Foundation
MD Code, Agriculture, § 2-510.1
§ 2-510.1. Installment purchase agreements
Currentness
In general
(a) The Foundation may make a grant to purchase an easement on a property selected by the Foundation to a county with a program, approved by the Foundation, to purchase easements using installment purchase agreements.
Installment purchase agreement requirements
(b) The Foundation may only approve a county's installment purchase program if the program is used to purchase easements using installment purchase agreements that:
(1) Require the county to make annual equal payments to the landowner of interest on the outstanding balance of the purchase price;
(2) Require that the county pay the landowner the remainder of the purchase price at the end of the term;
(3) State the total amount of money the county will pay the landowner, the interest rate, and the terms of the agreement; and
(4) Require that the easement be recorded within 30 days of settlement.
Easement held jointly by county and Foundation
(c) An easement purchased using a grant provided under this section shall be jointly held by the county and the Foundation.
Termination of easement
(d) An easement purchased using a grant provided under this section may not terminate.

Credits

Added by Acts 2004, c. 190, § 1, eff. July 1, 2004.
MD Code, Agriculture, § 2-510.1, MD AGRIC § 2-510.1
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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