1284                             LAWS OF MARYLAND                       [CH. 553

ment of its loan, the interest, if any, thereon and other charges in
connection therewith. Subject to the provisions of any contract with
noteholders or bondholders, to consent to the modification, with re-
spect to rate of interest, time of payments of any installment of prin-
cipal or interest, security, or any other term, of any mortgage, mort-
gage loan, mortgage loan commitment, contract or agreement of any
kind to which the Authority is a party. In connection with any prop-
erty on which it has made a mortgage loan, to foreclose on any such
property or commence any action to protect or enforce any right con-
ferred upon it by any law, mortgage contract or other agreement, and
to bid for and purchase such property at any foreclosure or at any
other sale, or acquire or take possession of any such property; and
in such event the Authority may complete, administer, pay the prin-
cipal of and interest on any obligations incurred in connection with
such property, dispose of, and otherwise deal with such property,
in such manner as may be necessary or desirable to protect the in-
terests of the corporation therein. Any lien held by the Authority
on property shall be a lien superior to all other liens on the property
except liens for taxes owed to the State of Maryland or any sub-
division thereof and earlier mortgage liens.

(k) To employ officers, agents and employees, prescribe their duties
and qualifications and fix their compensation, subject to the approval
of the secretary of the State department which will embrace the
areas of housing, community, and industrial development, if said
department is established in the State of Maryland as previously
referred to. All employees, except those appointed by the Governor
shall be employed in accordance with the provisions of Merit System
laws of Maryland as the same may from time to time be amended.

(l) To contract for and to accept any gifts or grants or loans of
funds or property or financial or other aid in any form from the
Federal government or any agency or instrumentality thereof, or
from the State or any agency or instrumentality thereof, or from
any source and to comply, subject to the provisions of this Act,
with the terms and conditions thereof.

(m) Enter into agreements to pay annual sums in lieu of assess-
ments or charges (other than property taxes) to any municipality,
county, or other subdivision of the State in respect of any real prop-
erty which is owned by the Authority and located in such municipal-
ity, county, or subdivision. During the time that any property is held
by the Authority, prior to the same being sold, mortgaged, or leased
as herein provided, said property of the Authority shall be exempt
from all State, municipal, county or other local property taxes in
any manner whatsoever.

(n) Do all acts and things necessary or convenient to carry out
the powers expressly granted in this subtitle; pro