MARVIN MANDEL, Governor

2651

AUTHORITY, ISSUED BY ANY FEDERAL AGENCY OR
INSTRUMENTALITY, INCLUDING BUT NOT LIMITED TO, BANK FOR
COOPERATIVES, FEDERAL INTERMEDIATE CREDIT BANK, FEDERAL
HOME LOAN BANK SYSTEM, EXPORT-IMPORT BANK OF THE UNITED
STATES, FEDERAL LAND BANKS, THE GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION, THE FEDERAL NATIONAL MORTGAGE
ASSOCIATION, OR THE FEDERAL FINANCING BANK; OR

(3)   MORTGAGES INSURED OR GUARANTEED IN WHOLE
OR IN PART BY THE FEDERAL GOVERNMENT, OR ANY AGENCY OF
IT, OR INSURED IN WHOLE OR IN PART BY THE MARYLAND
HOUSING FUND OR A PRIVATE INSURER APPROVED BY THE
AUTHORITY, AND OTHER MORTGAGES WHICH THE AUTHORITY FINDS
TO BE OF REASONABLY COMPARABLE SECURITY; OR

(4)    CERTIFICATES OF DEPOSIT OR TIME DEPOSITS
SECURED BY OBLIGATIONS OF, OR GUARANTEED BY, THE STATE OF
MARYLAND OR THE UNITED STATES OF AMERICA OR AN AGENCY OF
EITHER, OR CERTIFICATES OF DEPOSIT OF ANY BANK IN THE
STATE OF MARYLAND OTHER THAN THE BORROWER, INSURED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION AND WITH A COMBINED
SURPLUS AND CAPITAL OF AT LEAST $10,000,000; OR

(5)    NEW HOUSING AUTHORITY BONDS, PROJECT
NOTES, PRELIMINARY LOAN NOTES, FULLY SECURED BY CONTRACTS
WITH THE UNITED STATES.

(E)    IN ORDER TO IDENTIFY, PROTECT, MAINTAIN, AND
SERVICE THE COLLATERAL, THE AUTHORITY SHALL REQUIRE
EITHER:

(1) THAT THE MORTGAGE LENDER DEPOSIT THE
COLLATERAL WITH A BANK OR TRUST COMPANY DESIGNATED BY THE
AUTHORITY AS THE AUTHORITY'S CUSTODIAL AGENT, UPON TERMS
AND CONDITIONS ESTABLISHED BY THE AUTHORITY; OR

(2) THAT THE MORTGAGE LENDER HOLD THE
COLLATERAL AS A TRUSTEE FOR THE AUTHORITY, UPON TERMS AND
CONDITIONS ESTABLISHED BY THE AUTHORITY. THE MORTGAGE
LENDER SHALL BE ACCOUNTABLE TO THE AUTHORITY AS THE
TRUSTEE OF AN EXPRESS TRUST FOR THE PROTECTION,
MAINTENANCE, AND SERVICING OF THE COLLATERAL, AND FOR THE
ACCOUNTING AND USE OF THE INCOME FROM THE COLLATERAL IN
STRICT ACCORDANCE WITH THE TERMS AND CONDITIONS
ESTABLISHED BY THE AUTHORITY.

(F)    A COPY OF EACH LOAN AGREEMENT AND AGREEMENT
CONCERNING COLLATERAL ENTERED INTO PURSUANT TO THIS
SECTION, AND A COPY OF ANY AMENDMENTS OR SUPPLEMENTS TO
IT, SHALL BE FILED [[WITH THE SECRETARY OF STATE, AND NO
FURTHER OR OTHER FILING OR OTHER ACTION UNDER]] IN
COMPLIANCE WITH THE UNIFORM COMMERCIAL CODE [[OR OTHER
LAW OF THE STATE IS REQUIRED]] AS ADOPTED BY THE STATE,
IN ORDER TO PERFECT THE SECURITY INTEREST OF THE