Maryland Code, REAL PROPERTY 11-133
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Terms Used In Maryland Code, REAL PROPERTY 11-133
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
(a) Within three years following the date on which units have been granted by the developer to unit owners having a majority of the votes in the council of unit owners, any lease, and any management contract, employment contract, or other contract to which the council of unit owners is a party entered into between the date the property subjected to the condominium regime was granted to the developer and the date on which units have been granted by the developer to unit owners having a majority of votes in the council of unit owners may be terminated by a majority vote of the council of unit owners without liability for the termination. The termination shall become effective upon 30 days’ written notice of the termination from the council of unit owners.
(b) The provisions of this section do not apply to:
(1) Any contract or grant between the council of unit owners and any governmental agency or public utility; or
(2) A condominium that is occupied and used solely for nonresidential purposes.