1354

LAWS OF MARYLAND

Ch. 528

payments thereon, are to be repaid in full to the State
over a period not in excess of forty (40) years from the
time the loan funds are paid out to the hospital. At
such time as a loan is trade pursuant to the provisions of
this subheading, the applicant and the State of Maryland
shall enter into a written agreement, wherein the terms
end conditions of the loan shall be set forth in full,
and said agreement shall be placed upon the land records
of the political subdivision within which the applicant's
hospital is, or is to be located, and said recorded
agreement shall serve as a lien upon the property and
improvements, and shall constitute notice of the
obligation and its priority over any creditors who
thereafter stay loan funds to the said hospital or
applicant. HOWEVER, IN ORDER TO FACILITATE FINANCING FOR
ANY PROJECT BY THE MARYLAND HEALTH AND HIGHER EDUCATIONAL
FACILITIES AUTHORITY IN ACCORDANCE KITH THE PROVISIONS OF
ARTICLE 43C OF THIS CODE, AS AMENDED FROM TIME TO TIME,
THE BOARD OF PUBLIC WORKS HAS THE POWER, IN ITS SOLE
DISCRETION, UPON TERMS AND CONDITIONS IT DEEMS NECESSARY
OR DESIRABLE, AND WITHOUT SEEKING OR OBTAINING THE
APPROVAL OF THE DEPARTMENT OF HEALTH AND MENTAL HYGIENE,
BUT ONLY IF IN THE JUDGMENT OF THE BOARD THE SECURITY
INTEREST OF THE STATE REMAINS ADEQUATE TO SECURE THE FULL
AMOUNT OF THE UNPAID LOAN UNDER THE PROVISIONS OF THIS
SUBHEADING DUE TO THE STATE, (1) SUBORDINATE THE LIEN
SECURING ANY LOAN MADE UNDER THIS SUBHEADING TO THE LIEN
OR OTHER INTEREST SECURING ANY FINANCING OF THE MARYLAND
HEALTH AND HIGHER EDUCATIONAL FACILITIES AUTHORITY, (2)
RELEASE PART OF THE COLLATERAL THEN SECURING ANY LOAN
MADE UNDER THIS SUBHEADING, (3) RELEASE ALL OR PART OF
THE COLLATERAL THEN SECURING ANY LOAN MADE UNDER THIS
SUBHEADING AND ACCEPT A SUBSTITUTION OF COLLATERAL FOR
THE COLLATERAL THEN SECURING ANY LOAN MADE UNDER THIS
SUBHEADING OR (4) PERMIT ANY COMBINATION OF THE
FOREGOING. Should the applicant or the hospital
thereafter cease to be a voluntary nonprofit hospital,
then upon the happening of that event, the full amount of
the unpaid loan shall immediately become due and payable.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1976.

Approved May 4, 1976.

CHAPTER 529

(House Bill 2066)

AN ACT concerning

Allegany County - Tax Credit for [[Cresaptown Civic
Center]] Cresaptown Civic Improvement Association, Inc.