15.15.08.02

.02 Definitions.

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "County" means any county containing productive agricultural land that is actively farmed and that meets the criteria for land for easement purchase by the Maryland Agricultural Land Preservation Foundation.

(2) "Easement" means an agricultural land preservation easement as defined by COMAR 15.15.01.01-2.

(3) "Eligible county" means a county as provided in this chapter that has been approved by the Maryland Agricultural Land Preservation Foundation for a county IPA program, pursuant to Regulation .04A of this chapter.

(4) "Escrow closing" means the date when all documents have been executed in connection with the sale of an easement.

(5) "Foundation" means the Maryland Agricultural Land Preservation Foundation.

(6) "IPA" means an installment purchase agreement between a landowner and an eligible county or the Maryland Agricultural and Resource-Based Industry Development Corporation to purchase an easement by:

(a) Payment of semiannual interest at a fixed interest rate on the outstanding balance of the easement purchase price; and

(b) Payment of the outstanding balance of the easement purchase price in one or more installments over a stated term of years.

(7) "Landowner" means the fee simple owner of land that is subject to easement restrictions.

(8) "MARBIDCO" means the Maryland Agricultural and Resource-Based Industry Development Corporation.

(9) "MOU" means a memorandum of understanding that states the duties and responsibilities between the Foundation and an eligible county as to grants to purchase an easement through an IPA program.

(10) "Settlement" means the date established at escrow closing, when interest on any installment purchase agreement begins to accrue.