2906

LAWS OF MARYLAND

[Ch. 622

by the mortgagor to the Mortgagee required by the
mortgage, and may include interest, installments of
principal, taxes and assessments or payments in lieu
thereof, land—lease rentals, mortgage insurance premiums
and hazard insurance premiums, and such depreciation
payments 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.

266P.

The Authority may, subject to the authority and

powers of the Secretary of Economic and Community

Development as set forth in Article 41 of this Code or
elsewhere in the laws of Maryland:

(10) Purchase, acquire, or take assignments of
notes, mortgages, and other forms of security and
evidences of indebtedness; purchase, acquire, attach,
seize, accept, or take title to any industrial project by
conveyance or, when an insured OR PARTIALLY INSURED
mortgage thereon is clearly in default, by foreclosure;
and sell, lease, or rent an industrial project for a use
specified in § 266—O or any other use;

[[266Q.

(3) NO PONDS OF THE AUTHORITY SHALL BE USED IN
RESPECT OF ANY PROJECT WHERE THE STATE AVIATION
ADMINISTRATION IS A PARTICIPANT, UNLESS THE PROJECT IS
AIRPORT-RELATED OR AVIATION-RELATED, AND LOCATED ON LAND
ALREADY OWNED BY THE STATE AND SUBJECT TO THE
JURISDICTION OF THE STATE AVIATION ADMINISTRATION.]]

266R.

(b) When a mortgagor does not meet mortgage
payments insured IN WHOLE OR IN PART by the Authority by
reason of vacancy of its industrial project, the
Authority, for the purpose of maintaining income from
industrial projects on which mortgage loans have been
insured by the Authority and for the purpose of
safeguarding the mortgage insurance fund, may grant the
mortgagor permission to lease or rent the property to a
tenant for a use other than that specified in paragraph
(3) of § 266—O, such lease or rental to be temporary in
nature and subject to such conditions as the Authority
may prescribe.

266T.

The Authority, upon application of the proposed
mortgagors, may insure PART OR ALL OF THE mortgage
payments required by a first mortgage on any industrial