Maine Revised Statutes Title 33 Sec. 134 – Scope of working waterfront covenant
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A working waterfront covenant must include without limitation at least one of the following terms: [PL 2005, c. 574, §1 (NEW).]
1. Resale price of working waterfront real estate. Limitations on the resale price of working waterfront real estate;
[PL 2005, c. 574, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 134
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- real estate: means land, legally filled lands, piers, wharves and other improvements to lands all adjacent to the navigable coastal waters of the State. See Maine Revised Statutes Title 33 Sec. 131
- Working waterfront covenant: means an agreement in recordable form between the owner of working waterfront real estate and one or more qualified holders that permits a qualified holder to control, either directly or indirectly, the use, ownership and sales price of working waterfront real estate for the primary purpose of making and preserving the permanent availability and affordability of that real estate for commercial fisheries businesses. See Maine Revised Statutes Title 33 Sec. 131
2. Amount of equity appreciation. Limitations on the amount of equity appreciation that a landowner may derive from ownership of working waterfront real estate;
[PL 2005, c. 574, §1 (NEW).]
3. Improvements to working waterfront real estate. Limitations on the type, extent, use or dollar value of improvements that may be made to working waterfront real estate;
[PL 2005, c. 574, §1 (NEW).]
4. Uses to which working waterfront real estate may be devoted. Restrictions on the uses to which working waterfront real estate may be devoted, which must be consistent with the purposes of this chapter;
[PL 2005, c. 574, §1 (NEW).]
5. Options to purchase. The grant of rights of first refusal or options to purchase to qualified holders or their assigns, subject to the terms and conditions of the working waterfront covenant;
[PL 2005, c. 574, §1 (NEW).]
6. Maintenance and insurance of working waterfront real estate. The obligation to maintain, operate and insure working waterfront real estate;
[PL 2005, c. 574, §1 (NEW).]
7. Construction and materials. The right to restrict or specify types of buildings, structures and materials that may be used in improvements on working waterfront real estate; and
[PL 2005, c. 574, §1 (NEW).]
8. Acts that may enhance affordability of working waterfront real estate. The right to prohibit, limit or require other acts that may enhance or allow the affordability and availability of working waterfront real estate to commercial marine fisheries businesses in the future.
[PL 2005, c. 574, §1 (NEW).]
SECTION HISTORY
PL 2005, c. 574, §1 (NEW).