§ 2-510.1
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/md/agriculture/2-510-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§2–510.1.
(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.
(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.
(c)An easement purchased using a grant provided under this section shall be jointly held by the county and the Foundation.
(d)An easement purchased using a grant provided under this section may not terminate.