SPIRO T. AGNEW, Governor                      1283

from such project; the cost of constructing extensions to the project
site of existing utility systems if such costs are customarily borne by
the consumer; insurance premiums, financing charges, interest costs,
commitment fees, and other similar charges and fees incurred prior
to or during the period of construction, rehabilitation, or improve-
ment; any fees or charges imposed by the Authority in respect to an
application for a mortgage loan; the cost of preparing project spec-
ifications, surveys, estimates, applications, and other documents; and
all such other costs, charges, fees, and expenses, including labor costs,
overhead costs, the costs of materials and supplies, and engineering
and legal expenses, as may be reasonably incident to the construction,
acquisition, rehabilitation, or improvement of the project; further-
more, the term "cost of project" includes the cost of any machinery
or equipment to be used by the project occupant in its industrial or
manufacturing operations or any expenses related to the installations,
replacement, or rehabilitation thereof.

(2)    "Federal agency" means the United States of America, the
President of the United States of America, and any department of,
or corporation, agency or instrumentality heretofore or hereafter
created, designated or established by, the United States of America.

(3)    "Industrial project" means (i) a new industrial or manu-
facturing plant for the construction of which a mortgage loan
guarantee is sought from the Authority; or (ii) a former industrial
or manufacturing plant for the acquisition, rehabilitation, or im-
provement of which a mortgage loan is sought from the Authority;
or (iii) buildings used primarily for storage or transshipment of
manufactured goods; or (iv) buildings to be used for research and
development for the discovery and perfection of new processes and
products. However, "industrial project" shall not be deemed to in-
clude a mercantile or service establishment.

(4)     "Local Development Corporation" means any corporation or
foundation no part of the net earnings of such inures to the benefit of
any private shareholder or individual organized and operated pri-
marily for the purposes of fostering, encouraging, and assisting the
physical location and settlement of industrial and manufacturing
enterprises within the state or promoting the industry of the state.

(5)    "Maturity date" means the date on which the mortgage
indebtedness would be extinguished if paid in accordance with
periodic payments provided for in the mortgage.

(6)    "Mortgage" means a first mortgage on an industrial project
together with the credit instruments thereby secured [.], including
a construction mortgage creating a first lien on an industrial project
during the period of construction provided the construction mortgage
is followed by a permanent mortgage or commitment therefore se-
curing a first lien on an industrial project in favor of the same or
another lender, and provided, further, that such permanent mortgage
is insured by the Authority.

(7)    "Mortgagee" means the original lender approved by the
Authority under a mortgage, and its successors and assigns and may
include all insurance companies, trust companies, banks, building and
loan associations, credit unions, savings and loan associations, invest-
ment companies, savings banks, individuals, executors, administra-
tors, guardians, conservators, trustees, and other fiduciaries, includ-
ing pension, retirement, and profit-sharing funds.