Md. Code Regs. 15.15.14.11

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

Section 15.15.14.11 - Required Lease Payments to the Foundation

A. If an ARES owner enters into a facility agreement with a farm owner, the ARES owner shall annually pay the Foundation 5 percent of any payment made to the farm owner as a result of a facility agreement. The payments required under this regulation shall be prorated for any partial year in which payments are made to the farm owner as a result of a facility agreement. Any facility agreement between an ARES owner and a farm owner must include an express term to require this mandatory payment to the Foundation.

B. Both the ARES owner and the farm owner shall provide the Foundation with a copy of all facility agreements concerning the ARES facility on the farm.

C. Both the ARES owner and the farm owner shall notify the Foundation, in writing, of any amendments, modifications, renewals or terminations to facility agreements concerning the ARES on the farm.

Md. Code Regs. 15.15.14.11

Regulation .11 adopted effective 43:11 Md. R. 635, eff.6/6/2016