A. Two-Part Release.
(1) After Foundation approval, the release of the lot shall consist of two parts, a preliminary release and a final release, as specified in Agriculture Article, §2-513, Annotated Code of Maryland.
(2) After receiving payment for the lot, the Foundation will issue a preliminary release which conditionally releases the lot from the terms of the easement.
(3) The Foundation will issue a final release when the Foundation receives and certifies a nontransferable building permit in the name of the landowner or child for the construction of a dwelling house.
B. The preliminary release becomes void:
(1) Upon the death of the person for whom the release was intended if the Foundation has not yet received a building permit; or
(2) If the Foundation does not receive a nontransferable building permit in the name of the landowner or the child within 3 years of the date of recordation of the preliminary release, unless extended by a majority vote of the Foundation Board of Trustees.
C. If the person for whom the release was intended occupies the dwelling before a final release is issued, the Foundation may give credit for the occupancy toward the 5-year period referred to in Regulation .06 of this chapter.