1284                           LAWS OF MARYLAND                      [CH. 642

(8)    "Mortgagor" means a local development corporation or a
municipality or a county, or their instrumentalities.

(9)    "Mortgage payments," means periodic payments by the
mortgagor to the mortgagee required by the mortgage, and may in-
clude interest, installments of principal, taxes and assessments or
payments in lieu thereof, land lease rentals, mortgage insurance
premiums and hazard insurance premiums, and such depreciation
payments as may be necessary to maintain the integrity of the proj-
ect until the principal has been completedly amortized, or any of
them as the Authority may prescribe.

(10)     "Municipality" means a municipal corporation in Maryland
subject to the provisions of Article 11E of the Constitution; and it
also means the Mayor and City Council of Baltimore. "County" means
one of the twenty-three counties of Maryland.

266R.

(a)     Upon default in payment of any installment by the mortga-
gor, the Authority, after notification of such default, will pay to or
on behalf of the mortgagee all sums required by the lease, EXCLU-
SIVE OF ANY ACCELERATION PROVISION, as and when such
sums fall due, and no more., TO THE EXTENT PROVIDED IN THE
MORTGAGE INSURANCE AGREEMENT.

(b)    When a mortgagor does not meet mortgage payments in-
sured by the Authority by reason of vacancy of its industrial project,
the Authority, for the purpose of maintaining income from industrial
projects on which mortgage loans have been insured by the Authority
and for the purpose of safeguarding the mortgage insurance fund,
may grant the mortgagor permission to lease or rent the property to
a tenant for a use other than that specified in paragraph 3 of Section
266-0, such lease or rental to be temporary in nature and subject to
such conditions as the Authority may prescribe.

266S.

(a)    There is hereby created an industrial project mortgage in-
surance fund, hereinafter in this subtitle referred to as the "fund"
which shall be used by the Authority as a non-lapsing, revolving
fund for carrying out the provisions of this subtitle. To this fund
shall be charged any and all expenses of the Authority, including
mortgage insurance payments required by loan defaults and to the
fund shall be credited all receipts of the Authority, including mort-
gage insurance premiums and proceeds from the sale, disposal, lease,
or rental of real or personal property which the Authority may re-
ceive under the provisions of this subtitle [.] , and income earned by
the investments of the Authority made on its behalf by the State
Treasurer upon instruction of the Authority.

(b)    Moneys in the fund not needed currently to meet the ex-
penses and obligations of the Authority shall be deposited with the
State treasurer to the credit of the fund [or may be] and invested in
such manner as is provided for by statute.

(c)    The State Treasurer shall render quartery ANNUAL reports
to the Authority advising the members of the Authority of the status
of the funds invested, the market value of the assets in the fund as of
the date such statement is rendered, and the income earned by