MARVIN MANDEL, Governor

2905

SUBSECTION AND INCLUDING NONPROFIT INSTITUTIONS AND
ORGANIZATIONS. However, "industrial project" shall not
be deemed to include a mercantile or retail OR SERVICE
establishment [nor does it include a service
establishment unless the service establishment is
directly related and necessary to tourist industry
facilities as herein defined and is to be used primarily
by tourists] EXCEPT AS PERMITTED BY ITEMS (V), (VI), AND
(VII). [This term shall also mean office buildings for
use as corporate or company headquarters or regional
offices providing] A PROJECT SHALL NOT BE APPROVED UNLESS
the Authority deems the economic impact of the project to
be substantial. ANY FINDING OR DETERMINATION BY THE
AUTHORITY OR THE MORTGAGOR IN REGARD TO THE
IMPLEMENTATION OF THIS SUBTITLE SHALL BE CONCLUSIVE. The
financing, construction, operation, and administration of
an industrial project under this subtitle shall be
subject to the provisions concerning discrimination and
unlawful practices in Article 49B of this Code, title
"Human Relations Commission."

(5)   "Maturity date" means the date on which the
mortgage indebtedness would be extinguished if paid in
accordance with [periodic] payments provided for in the
mortgage.

(6)   "Mortgage" means a first mortgage OR FIRST DEED
OF TRUST, on an industrial project [together with the
credit instruments thereby secured, including]. THE
MORTGAGE MAY BE 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
securing a first lien on an] THAT AT THE TIME OF
APPLICATION TO THE AUTHORITY THERE IS IN EFFECT A
COMMITMENT SATISFACTORY TO THE AUTHORITY FOR PERMANENT
FINANCING ON THE industrial project [in favor of] BY the
same or another lender[, and provided, further, that such
permanent mortgage is]. THE PERMANENT FINANCING NEED NOT
BE insured by the Authority. As used in this subtitle,
"mortgage" [shall include] INCLUDES [a deed of trust
together with the] ANY BONDS, NOTES, GUARANTEES,
AGREEMENTS, OR OTHER credit instruments SECURING OR
EVIDENCING THE MORTGAGE INDEBTEDNESS [thereby secured].

(8)     "Mortgagor" means a local development
corporation or a municipality or a county, or their
instrumentalities, OR THE STATE AVIATION ADMINISTRATION.
[[OR AN INDUSTRIAL DEVELOPMENT AUTHORITY,]] or in the
event that the option provided in § 266WA of this article
becomes applicable, "Mortgagor" shall mean the industrial
project applicant.

(9)    "Mortgage payments" means [periodic] payments