WM. PRESTON LANE, JR., GOVERNOR. 2199

shall be at the rate of 55c for each $500.00 of the principal
amount of the debt secured.

(c) 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 consideration paid or to be paid as
the value of the property within this State bears to the
value of the whole property conveyed.

(d) 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.

(e) Upon deeds of trust, mortgages, contracts or agree-
ments 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 secured 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.

(f) 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 considera-
tion, other than the ground rent, paid or to be paid.

(g) In the case of a lease for a term of years, not perpet-
ually renewable, the tax shall be based upon the capitaliza-
tion at 10% of the average annual rental over the entire term
of the lease, including any renewal term, plus the actual con-
sideration, 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.

(h) No tax shall be required for the recordation of any
instrument securing a debt that merely confirms, corrects,
modifies or supplements an instrument previously recorded,
or conveys or pledges property in addition to, or in substi-
tution 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.

(i) 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 instru-
ment previously recorded, if there is no actual consideration
paid or to be paid for the execution of such supplemental
instrument.

(j) Any instrument, or counterpart of any instrument,
previously recorded may be recorded in any other county or