MARVIN MANDEL, Governor                        281

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 manufac-
turing plant for the construction of which a mortgage loan guarantee
is sought from the Authority; or (ii) a former industrial or manu-
facturing plant for the acquisition, rehabilitation, or improvement of
which a mortgage loan is sought from the Authority; or (iii) build-
ings 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; or (v)
the construction, acquisition, rehabilitation, or improvement of
tourist industry facilities including hotels, inns, lodges, resort com-
plexes, restaurants, marinas, campgrounds, travel-trailer parks, and
other facilities used by tourists when such facilities fill an established
need in the overall development or expansion of a municipality's,
county's, or region's tourist industry and/or convention business.
However, "industrial project" shall not be deemed to include a mer-
cantile or nontourist industry service establishment. The financing,
construction, operation, and administration of an industrial project
under this subtitle shall be subject to the provisions concerning dis-
crimination and unlawful practices in Article 49B of this Code, title
["Interracial Commission."] "Human Relations Commission."

(4)   "Local development corporation" means any corporation or
foundation no part of the net earnings of which inures to the benefit
of any private shareholder or individual organized and operated
primarily 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 in-
debtedness 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 therefor, secur-
ing 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)   "M