HERBERT R. O'CONOR, GOVERNOR. 215

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,

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 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.

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 consid-
eration, 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 cov-
ered 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 instrument previously record-
ed, 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 pre-
viously recorded.

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

Any instrument, or counterpart of any instrument, pre-
viously 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 pay-
ment of a tax.

If the total amount of the debt which may become se-
cured by any instrument securing a debt shall not have
been incurred at the time such instrument is offered for;
record, the tax shall be computed solely on the principal