2908

LAWS OF MARYLAND

[Ch. 622

(5) Be in such form and contain such terms and
provisions with respect to property insurance, repairs,
alterations, payment of taxes and assessments or payments
in lieu thereof, default reserves, delinquency charges,
default remedies, anticipation of maturity, additional
and secondary liens, and other matters as the Authority
may prescribe.

(6) Not have a maturity later than the initial term
of the lease of the property on which the mortgage is
granted; provided, however, that this shall in no way
preclude the prepayment of any mortgage so insured.

266U.

(a) The Authority may fix mortgage insurance
premiums for the insurance of mortgage payments under the
provisions of this subtitle, such premiums to be computed
as a percentage of the principal obligation of the
mortgage OR, IN THE DISCRETION OF THE AUTHORITY, OF ONLY
THE INSURED PORTION OF THE MORTGAGE, outstanding at the
beginning of each mortgage year. Such insurance premiums
shall not be more than three [(3)] percent per year of
said outstanding principal obligation and shall be
calculated on the basis of all pertinent and available
data., Such premiums shall be payable by the mortgagors
or the mortgagees in such manner as shall be prescribed
by the Authority. The amount of premium need not be
uniform among the various loans insured.

2669.

(a) A municipality or county [[OR INDUSTRIAL
DEVELOPMENT AUTHORITY]], notwithstanding the provisions
of any charter to the contrary and without in any event
pledging its full faith and credit in support of a
mortgage, is hereby fully enabled and empowered to borrow
money and execute a mortgage as security for the purpose
of defraying the cost of acquiring any industrial project
either by purchase or construction, after an ordinance or
resolution has been adopted by the legislative body of
the municipality or county [[OR BY THE GOVERNING BOARD OF
THE INDUSTRIAL DEVELOPMENT AUTHORITY]], specifying the
proposed undertaking, the amount of money to be borrowed
and the maximum rate of interest to be paid, which said
ordinance or resolution shall be administrative in nature
and not subject to any referendum. The ordinance or
resolution shall further provide that the industrial
project is to be acquired pursuant to the provisions of
this subheading, and shall also provide that the
industrial project is to be acquired for a bona fide
tenant, as evidenced by a letter of intent or similar
agreement between the prospective tenant and the
municipality or county [[OR INDUSTRIAL DEVELOPMENT