Section 14-508 - Reversionary rights. - Maryland Statutes

§ 14-508. Reversionary rights.
 

The reversionary rights of an affordable housing land trust as set forth in the affordable housing land trust agreement are limited to provisions that relate to: 

(1) The transfer of the property to a person who is not a party to the agreement or a person who does not meet the conditions set forth in the affordable housing land trust agreement; 

(2) The possession of the property by a person who does not meet the conditions set forth in the affordable housing land trust agreement; 

(3) The transfer of an interest in the property to a person who does not meet the conditions set forth in the affordable housing land trust agreement; 

(4) The waste, destruction, or abandonment of the property; or 

(5) The failure to comply with any financial provision in the affordable housing land trust agreement. 
 

[2010, chs. 609, 610.]