850                              Laws of Maryland                      [Ch. 284

such mortgage loan made or acquired by an insurer which is a par-
ticipation or a part of a series of issue secured by the same mortgage
or deed of trust shall be a lawful investment under this paragraph
unless the entire series or issue which is secured by the same mort-
gage or deed of trust is held by such insurer or unless the insurer
holds a senior participation in such mortgage or deed of trust giving
it substantially the rights of a first mortgagee. Except as otherwise
provided in this section, no domestic insurer shall invest in or loan
upon the security of any one property more than twenty-five thou-
sand dollars or more than two per centum of its total admitted
assets, whichever is the greater. In no event shall the total in-
vestments of any such insurer in the kinds permitted under this
subdivision exceed forty per centum of its total admitted assets.

(ii) Purchase-money mortgages or like securities received by it
upon the sale or exchange of real property acquired pursuant to
subsection (8).

(iii) Bonds, notes or other evidence of indebtedness secured by
mortgages or deeds of trust which are guaranteed or insured by
an instrumentality of the United States, pursuant to acts of Con-
gress, as heretofore and hereafter amended, known as the National
Housing Act; Servicemen's Readjustment Act of 1944; Bankhead-
Jones Farm Tenant Act; and neither the limitations of this section
nor any other law of this State requiring security upon which loans
shall be made, or prescribing the nature, amount or forms of such
security, or limiting the interest rates upon loans, shall be deemed
to apply to such insured or guaranteed mortgage loans.

(7)    Ground rents.—Ground rents in the District of Columbia
or any state of the United States of America, provided, that in the
case of unexpired redeemable ground rents the premium paid, if any,
shall be amortized over the period between the date of acquisition
and redemption date; and in the case of expired redeemable ground
rents the premium paid, if any, shall be charged off at the time of
acquisition. Redeemable ground rents purchased at a discount shall
be carried at an amount not greater than the cost of acquisition.

(8)    Real estate.—Real estate only if acquired or used for the
following purposes and in the following manner:

(i) The land and the building thereon in which it has its prin-
cipal office or offices.

(ii) Such as shall be requisite for its convenient accommoda-
tion in the transaction of its business.

(iii) Such as shall have been acquired in satisfaction of loans,
mortgages, liens, judgments, decrees or other debts previously owing
to such insurer in the course of its business.

(iv) Such as shall have been acquired in part payment of the
consideration on the sale of real property owned by it, if each such
transaction shall have effected a net reduction in the company's
investment in real property.

(v) Additional real property and equipment incident to real
property, if necessary or convenient for the purpose of enhancing
the sale value of real property previously acquired or held by it