MARVIN MANDEL, Governor

2907

project, upon such terms and conditions as the Authority
may prescribe, provided the aggregate amount of THE
INSURED PORTION OF THE principal obligations of all
mortgages [so insured] outstanding at any one time shall
not exceed [sixty million dollars ($60,000,000)]
$60,000,000, or an amount equal to five times the balance
in the industrial project mortgage insurance fund,
whichever is less. To be eligible for insurance under
the provisions of this subtitle a mortgage shall:

(1)  Be [one which is] made by a mortgagor as defined
herein and held by a mortgagee approved by the
Authority[; ].

(2)    Involve a principal obligation, including
initial service charges and appraisal, inspection and
other fees approved by the Authority, not [to exceed]
MORE THAN 100 PERCENT OF THE COST OF THE PROJECT. THE
PORTION OF THE PRINCIPAL OBLIGATION OF THE MORTGAGE
INSURED BY THE AUTHORITY MAY NOT EXCEED [five million
dollars ($5,000,000)] $5,000,000 for any one project and
MAY not [to] exceed [ninety (90) ] 90 percent of the cost
of the project (as defined in § 266—O) as to real
property, nor [seventy (70)] 70 percent of the cost of
the project (as defined in § 266—O) as to machinery and
equipment[; for a project defined in item (v) of § 266—O
(3), the ninety (90) percent limit imposed by this
paragraph shall be reduced to sixty (60) percent if, as
determined by the Secretary of the Department of Economic
and Community Development, there is no existing tourist
development program of the county or municipality where
the project is located, or to eighty (80) percent if, as
determined by the Secretary, there is an existing tourist
development program of such county or municipality;].

(3)  Have a maturity satisfactory to the Authority
but in no case later than [twenty—five (25)] 25 years
from the date of the insurance except in the case of
machinery and equipment, for which the maturity is to be
no more than [fifteen (15) ] 15 years from the date of the
insurance but in no case beyond the normal useful life of
the machinery and equipment.

(4)   Contain [complete amortization] REPAYMENT
provisions satisfactory to the Authority requiring
[periodic] payments by the mortgagor which may include
principal and interest payments, cost of local property
taxes and assessments or payments in lieu thereof,
land—lease rentals if any, hazard insurance on the
property, such mortgage insurance premiums as are
required under § 266U, and such depreciation payments as
may be necessary to maintain the integrity of the project
until principal has been completely amortized, all as the
Authority from time to time prescribes or approves.