1838

LAWS OF MARYLAND

Ch. 667

(3) "Industrial project" means (i)
CONSTRUCTION OF a new industrial or manufacturing plant
[for the construction of which a mortgage loan guarantee
is sought from the Authority]; or (ii) ACQUISITION,
REFINANCING, REHABILITATION, OR IMPROVEMENT OF a former
industrial or manufacturing plant [for the acquisition,
refinancing, rehabilitation, or improvement of which a
mortgage loan is sought from the Authority]; or (iii)
buildings used primarily for storage or transshipment of
manufactured goods; or (iv) buildings to be used for
research and development for the discovery, perfection
[and/or], OR evaluation of new processes [and/or] OR
products; or (v) [the] construction, acquisition,
refinancing, rehabilitation, or improvement of tourist or
convention facilities, which may include mercantile,
retail, and service establishments, [provided that] IF
the Authority determines that the facilities will be used
primarily by OR FOR tourists or conventioneers; or (vi)
mercantile, retail, or service facilities that primarily
serve out-of—state markets; or (vii) office buildings for
use as corporate or company headquarters or regional
offices for any business activity, including [but not
limited to] the activities specified in this subsection
and including nonprofit institutions and organizations.
However, "industrial project" [shall] DOES not [be deemed
to] include a mercantile or retail or service
establishment except as permitted by items (v), (vi), and
(vii) OF THIS PARAGRAPH. A project [shall] MAY 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 493 of
this Code, title "Human Relations Commission."

(6) "Mortgage" means a first mortgage or
first deed of trust, on an industrial project. The
mortgage may be a construction mortgage creating a first
lien on an industrial project [provided that] IF 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 by the same or
another lender. [The permanent financing need not be
insured by the Authority.] As used in this subtitle,
"mortgage" includes any bonds, notes, guarantees,
agreements, or other credit instruments securing or

evidencing the mortgage indebtedness.__THE MORTGAGE SHALL

PROVIDE THAT ALL THE PROCEEDS OF THE SALE OF ANY REAL OR

PERSONAL PROPERTY RELEASED FROM THE LIEN THEREOF SHALL BE

APPLIED TO THE OUTSTANDING BALANCE SECURED BY SUCH

MORTGAGE.

266P.

[The Authority may, subject] SUBJECT to the