3120 ARTICLE 81

In the case of deeds conveying property lying partly within and partly
without the State, the tax shall apply only to such proportion of the con-
sideration paid or to be paid as the value of the property within this
State bears to the value of the whole property conveyed.

Upon deeds of trust or mortgages conveying property lying partly within
and partly without the State, the tax shall apply only to such proportion
of the debt secured as the value of the property within this State bears to
the value of the whole property conveyed.

Upon deeds of trust, mortgages, contracts or agreements covering the
rolling stock or equipment of railroads (whether the title is reserved in
the vendor or not), the tax shall apply to such proportion of the debt se-
cured as the number of miles of the line of such railroad in this State
bears to the number of miles of line of the whole railroad.

In the case of a lease creating a perpetually renewable ground rent, the
tax shall be based upon the capitalization at 6% of the annual ground
rent, plus the actual consideration, other than the ground rent, paid or
to be paid.

In the case of a lease for a term of years, not perpetually renewable,
the tax shall be based upon the capitalization at 10% of the average annual
rental over the entire term of the lease, including any renewal term, plus
the actual consideration, other than rent, paid or to be paid. Where the
average annual rental cannot be determined the tax shall be based upon
the assessed value of the property covered by the lease.

No tax shall be required for the recordation of any instrument securing
a debt that merely confirms, corrects, modifies, or supplements an instru-
ment previously recorded, or conveys or pledges property in addition to,
or in substitution for the property originally conveyed or pledged, if such
supplemental instrument does not increase the amount of the debt secured
by the instrument previously recorded.

No tax shall be required for the recordation of any instrument, other
than an instrument securing a debt, that merely confirms, corrects, modifies
or supplements an instrument previously recorded, if there is no actual
consideration paid or to be paid for the execution of such supplemental
instrument.

Any instrument, or counterpart of any instrument, previously recorded
may be recorded in any other county or in Baltimore City, or in more
than one place in the records of a particular county or Baltimore City,
without the payment of a tax.

If the total amount of the debt which may become secured by any instru-
ment securing a debt shall not have been incurred at the time such instru-
ment is offered for record, the tax shall be computed solely on the principal
amount of the debt then incurred and secured by such instrument. Before
any additional 'debt is incurred which is to be secured by an instrument
previously recorded, the debtor shall file with the Clerks of the Courts with
which such instrument has been recorded a duly verified statement show-
ing the amount of such additional debt and shall pay the tax with respect
thereto upon, but only upon, the amount of such additional debt so secured
which has been incurred after May 31, 1937, and with respect to which
such tax shall not theretofore have been paid, less the principal amount
of any debt then outstanding and secured by such instrument which is to
be paid or refunded out of the proceeds of such additional debt.

Mortgage of Home Owners' Loan Corporation not subject to tax imposed by this
section. Pittman v. Home Owners' Loan Corporation, 175 Md. 512.