1. A. The Foundation may offer to buy an easement from a landowner through an IPA either:

   1. (1) In an eligible county where the land will be subjected to easement restrictions; or
   2. (2) Through MARBIDCO, if the offer is not for less than $100,000.

2. B. At the time of escrow closing on an IPA, the landowner and the Foundation shall agree to the terms of an IPA, including the following:

   1. (1) Payment from MARBIDCO shall be made in cash for not less than:

      1. (a) The maximum value, based on the Foundation's per-acre purchase price, of any easements on an unrestricted lot or family lots reserved by the landowner at escrow closing for future purchase from the Foundation; and
      2. (b) Any additional amounts, as required by the Foundation;
   2. (2) Payment from MARBIDCO shall be made in one or more IPAs, each in a principal amount not less than $100,000;
   3. (3) An IPA shall be with the appropriate eligible county or MARBIDCO; and
   4. (4) If the IPA is with MARBIDCO, the maturity date shall be at least 10 years from settlement for each IPA.
3. C. A landowner's designation of the appropriate eligible county for an IPA shall be approved by the eligible county before escrow closing.

Authority: Agriculture Article, §§2-504, 2-505, and 2-510.1, Annotated Code of Maryland

Effective date: July 17, 2008 (35:14 Md. R. 1247)