Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 7-208
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Terms Used In Maryland Code, HOUSING AND COMMUNITY DEVELOPMENT 7-208
- including: means includes or including by way of illustration and not by way of limitation. See
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(a) At the settlement for an assisted project under a right of first purchase, the purchaser shall execute and record, in a form that the Secretary approves, a covenant running with the land.
(b) The covenant shall restrict the use of all assisted units to residential rental property for assisted households, or to some other purpose approved by the Secretary, for at least the greatest of:
(1) the remaining term of the mortgage as of the date of its prepayment;
(2) the remaining term of the rental assistance agreement, including all stated renewal terms, as of the date of its termination; and
(3) 20 years.