Md. Code Regs. 18.15.01.03

Current through Register Vol. 51, No. 24, December 2, 2024

Section 18.15.01.03 - Calculation of Redemption Amount

A. The Department shall:

(1) Calculate the ground rent redemption amount as if no ground lease payments have been made by or on behalf of the tenant to the ground lease holder during the 3 years immediately before the filing of the documentation required by Regulation .02 of this chapter; and

(2) Reduce the ground rent redemption amount if the tenant provides proof that ground lease payments have been made by or on behalf of the tenant to the ground lease holder during the 3 years immediately before the filing of the documentation required by Regulation .02 of this chapter.

B. If a tenant is unable to document when the ground lease was originally executed or created, the Department shall calculate the redemption amount using the formula set forth in Real Property Article, § 8-804(b)(2)(i) 3, Annotated Code of Maryland.

Md. Code Regs. 18.15.01.03

Regulation .03 amended effective 45:24 Md. R. 1162, eff. 12/6/2018; amended effective 49:2 Md. R. 78, eff. 1/24/2022