Marvin Mandel, Governor                        1117

(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 manufactur-
ing 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 proj-
ect 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 mort-
gage is followed by a permanent mortgage or commitment therefor
securing a first lien on an industrial project in favor of the same
or another lender, and provided, further, that such permanent mort-
gage is insured by the Authority. As used in this subtitle, "mort-
gage" shall include a Deed of Trust together with the credit in-
struments thereby secured.

(7)    "Mortgagee" means the original lender approved by the Au-
thority under a mortgage, and its successors and assigns and
may include all insurance companies, trust companies, banks, build-
ing and loan associations, credit unions, savings and loan asso-
ciations, investment companies, savings banks, individuals, exec-
utors, administrators, guardians, conservators, trustees, and other
fiduciaries, including pension, retirement, and profit-sharing funds.

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

(9)    "Mortgage payments" means periodic payments by the mort-
gagor to the mortgagee required by the mortgage, and may include
interest, installments of principal, taxes and assessments or pay-
ments in lieu thereof, land-lease rentals, mortgage insurance pre-
miums and hazard insurance premiums, and such depreciation pay-
ments as may be necessary to maintain the integrity of the project
until the principal has been completely amortized, or any of them
as the Authority may prescribe.

(10)    "Municipality" means a municipal corporation in Mary-
land subject to the provisions of Article HE of the Constitution;
and it also means the mayor and city council of Baltimore City.
"County" means one of the twenty-three counties of Maryland.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 28, 1970

CHAPTER 503
(House Bill 1070)

AN ACT to repeal and re-enact, with amendments, Section 2 of
Article 32 of the Annotated Code of Maryland (1957 Edition,