Maryland Statutes
Subtitle 5 - Maryland Agricultural Land Preservation Foundation
Section 2-510.1 - Grant to Purchase Easement Under Certain Conditions

(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.

Structure Maryland Statutes