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2195
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MARVIN MANDEL, Governor
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default, will pay to or on behalf of the mortgagee all
sums [required by] ATTRIBUTABLE TO THE INSURED PORTION OF
the mortgage, exclusive of any acceleration provision, as
and when the sums fall due, and no more, to the extent
provided in the mortgage insurance agreement. ON A
TEMPORARY BASIS NOT TO EXCEED 12 MONTHS, THE AUTHORITY
MAY PAY ALL SUMS REQUIRED BY THE MORTGAGE, REGARDLESS OF
THE AMOUNT INSURED, IF THE AUTHORITY DETERMINES THAT THE
PAYMENT IS NECESSARY TO DELAY FORECLOSURE OF AN
INDUSTRIAL PROJECT AND THAT THE DELAY PROMOTES THE
PURPOSES OF THIS SUBTITLE. THIS PAYMENT WILL NOT RELIEVE
THE TENANT OF ANY OBLIGATION.
266T.
(A) 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 project, upon such terms and conditions as the
Authority may prescribe, [provided] IF the aggregate
amount of the insured portion of the principal
obligations of all mortgages outstanding at any one time
[shall] DOES not exceed ($60,000,000, or] an amount equal
to five times the balance in the industrial project
mortgage insurance fund[, whichever is less].
(B) To be eligible for insurance under [the
provisions of] this subtitle a mortgage shall:
(1) Be 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
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 $5,000,000 for
any one project and may not exceed 90 percent of the cost
of the project (as defined in § 266—O) as to real
property, nor 70 percent of the cost of the project (as
defined in § 266—O) as to machinery and equipment.
(3) Have a maturity satisfactory to the
Authority but in no case later than 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
15 years from the date of the insurance but in no case
beyond the normal useful life of the machinery and
equipment.
(4) Contain repayment provisions
satisfactory to the Authority requiring payments by the
mortgagor which may include principal and interest
payments, cost of local property taxes and assessments or
payments in lieu thereof, landlease rentals if any,
hazard insurance on the property, such mortgage insurance
premiums as are required under § 266U, and such
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