Md. Code Regs. 15.15.01.15

Current through Register Vol. 51, No. 22, November 1, 2024

Section 15.15.01.15 - Schedule of Payment

A. At the time of settlement of the purchase of an easement, the landowner and the foundation may agree upon and establish a schedule of payment such that the landowner may receive consideration for the easement in a lump sum, or in installments over a period of up to 10 years from the date of settlement.

B. If a schedule of installments is agreed upon, the Comptroller shall retain in the Maryland Agricultural Land Preservation Fund an amount of money sufficient to pay the landowner according to the schedule.

C. The landowner shall receive annually interest on any unpaid balance remaining after the date of settlement. This interest shall be at the same rate as any interest earned on the funds retained pursuant to §B of this regulation, less 1/4 of 1 percent.

Md. Code Regs. 15.15.01.15