1028                           LAWS OF MARYLAND                      [CH. 553

(8)   Ground rents in the District of Columbia or any state of the
United States of America, provided, that in the case of unexpired
redeemable ground rents the premiums paid, if any, shall be amor-
tized over the period between date of acquisition and earliest re-
demption date or charged off at any time prior to redemption date;
and in the case of expired redeemable ground rents the premium
paid, if any, shall be charged off at the time of acquisition. Redemp-
tion ground rents purchased at a discount shall be carried at an
amount not greater than the cost of acquisition.

(9)   Collateral loans secured by pledge of any security named in
subsections (1), (2), (3), (4), (5), (6), (7), and (8); provided
that the current market value of such pledged securities shall be at
all times during the continuance of such loans at least 10% more
than the unpaid balance of the amount loaned on them. All such
loans shall be subject to the power of the insurer to terminate them
in case of the depreciation of the pledged securities below this limit.

(10)   Unencumbered real estate for the office and business pur-
poses only of said insurer, except as authorized by subsections
(7) and (8); and also property for parking accommodations, with
or without charge, primarily for the use of employees or customers
of said insurer; provided, however, that the value of all real estate
of such kind and for such purposes, however acquired, shall not
exceed 20% of the insurer's total admitted assets. Any insurer shall
have the right to purchase and hold real estate under a foreclosure
of its own mortgages or a deed in lieu of mortgage foreclosure for
a period of not more than five years; provided, however, the .Com-
missioner may in his discretion, grant an extension or extensions
not exceeding five years each, of the period within which such real
estate may be held, that in his judgment may be necessary to serve
the best interest of the insurer and its policyholders; provided, fur-
ther, however, before the Commissioner shall have refused to grant
an extension or extensions not exceeding five years each, of the
period within which such real estate may be held, the value thereof
shall be ascertained by appraisal and if found to be equal to or in
excess of the book value of such real estate, then he shall grant an
extension or extensions not exceeding five years each, of the period
in which such real estate may be held. An insurer may, with the
written approval of the Commissioner, acquire property in part pay-
ment of the consideration on the sale of real estate owned by it if
each such transaction shall effect a net reduction in the insurer's
investment in real estate, and in addition may, with the approval of
the Commissioner, acquire other real estate if necessary or con-
venient for the purpose of enhancing the sale value of real estate
previously acquired or held by it pursuant to the provisions of this
subsection. Real estate sold under contract of sale, where title is
retained in the insurer, shall be classified as real estate.

(11)   Interest, rents or other fixed income due and accrued on any
of the investments named in subsections (1), (2), (3), (4), (5), (7),
(8), (9), and (10), and upon policy loans of the insurer.

(12)   Such unencumbered, fee-simple or improved leasehold real
estate other than property to be used primarily for mining, recrea-
tional, amusement, hotel or club purposes, as may be acquired as an
investment for the production of income, or as may be acquired to
be improved or developed for any such investment purposes, subject
to the following conditions and limitations: