WM. PRESTON LANE, JR., GOVERNOR 395

serving mineral, oil or timber rights, rights of way, sewer
rights, rights in walls, nor by reason of any liens for taxes
or assessments not yet due, nor by reason of building restric-
tions or other restrictive covenants, nor when such real prop-
erty is subject to lease under which rents or profits are re-
served to the owner, if in any event the security for such loan
is a first lien upon such real property and if there is no
condition or right of re-entry or forfeiture, under which
such lien can be cut off, subordinated or otherwise disturbed.
No such mortgage loan or loans made or acquired by an in-
surer on any one property shall, at the time of investment
by the insurer, exceed two-thirds of the value of the real prop-
erty securing the same. No such mortgage loan or loans shall
be made or acquired by an insurer except after an appraisal
made by an appraiser for the purpose of such investment.
No such mortgage loan made or acquired by an insurer which
is a participation or a part of a series or issue secured by the
same mortgage or deed of trust shall be a lawful investment
under this paragraph unless the entire series or issue which
is secured by the same mortgage or deed of trust is held by
such insurer or unless the insurer holds a senior participation
in such mortgage or deed of trust giving it substantially the
rights of a first mortgagee. Except as otherwise provided in
this section, no domestic stock or mutual insurance company
or Lloyd's Association, other than a life insurance company
or a fraternal benefit association, shall invest in or loan upon
the security of any one property more than Twenty-five
Thousand Dollars or more than two per centum of its total
admitted assets, whichever is the greater. In no event shall
the total investments of any such insurer in the kinds per-
mitted under this sub-division exceed forty per centum of its
total admitted assets.

(b) Purchase money mortgages or like securities received
by it upon the sale or exchange of real property acquired pur-
suant to Sub-division (8) of this Sub-section 3.

(c) Bonds or notes secured by mortgage or trust deed
guaranteed or insured by the Federal Housing Administration
under the terms of an Act of Congress of the United States
of June twenty-seventh, Nineteen Hundred Thirty-four, en-
titled the "National Housing Act", as heretofore or hereafter
amended.

(d) Mortgages, bonds, or notes secured by mortgages or
deeds of trust, or other evidence of indebtedness representing
loans and advances of credit that have been issued and guar-
anteed, in whole or in part, in accordance with the terms and
provisions of Title III of an Act of Congress of the United
States of America approved June Twenty-second, Nineteen