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Ch. 13
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LAWS OF MARYLAND
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38
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(C) SCOPE OF AGREEMENTS.
(1) THESE AGREEMENTS SHALL PROVIDE:
(I) THAT THE TITLE TO THE PROPERTY WILL BE
TAKEN IN THE NAME OF THE DEPARTMENT TO THE USE OF THE
STATE OF MARYLAND; AND
(II) THAT, WHEN TITLE IS TAKEN, A FIRST
MORTGAGE ON THE PROPERTY FOR THE FULL AMOUNT OF THE PRICE
OF THE PROPERTY WILL BE EXECUTED BY THE DEPARTMENT,
ACTING FOR THIS STATE, TO THE RETIREMENT SYSTEM LENDING
THE ACQUISITION PRICE.
(2) THE RETIREMENT SYSTEM MORTGAGEE IN EACH
TRANSACTION SHALL BE DETERMINED BY AGREEMENT BETWEEN THE
SECRETARY AND THE TRUSTEES OF THE PARTICULAR RETIREMENT
SYSTEM. THE DEPARTMENT SHALL PAY THE COSTS OF
ACQUISITION, INCLUDING ANY MORTGAGE RECORDATION COSTS,
TITLE SEARCHES, AND COURT COSTS.
(3) EACH AGREEMENT SHALL PROVIDE THAT THE
SECRETARY MAY REDEEM THE MORTGAGE AT ANY TIME BEFORE
THE LETTING OF A TRANSPORTATION IMPROVEMENT CONTRACT
UTILIZING THE PROPERTY.
(D) SPECIFIC CONTENTS OF AGREEMENT.
IN ADDITION TO ANY OTHER NECESSARY PROVISIONS AGREED
TO BY THE SECRETARY AND THE TRUSTEES, EACH AGREEMENT
BETWEEN THE DEPARTMENT AND A RETIREMENT SYSTEM SHALL
PROVIDE THAT, WHILE THE DEPARTMENT HOLDS TITLE TO THE
PROPERTY, THE DEPARTMENT:
(1) HAS THE EXCLUSIVE RIGHT TO USE AND MANAGE
THE PROPERTY;
(2) HAS THE RIGHT TO ALL RENTAL AND OTHER
INCOME ARISING FROM USE OF THE PROPERTY;
(3) SHALL AUTHORIZE PAYMENT OF ALL TAXES,
INSURANCE PREMIUMS, AND COSTS OF MAINTAINING THE
PROPERTY; AND
(4) SHALL SAVE THE RETIREMENT SYSTEM HARMLESS
FROM ANY LIABILITY IN CONNECTION WITH THE MANAGEMENT OF
THE PROPERTY.
(E) LIMITS ON AMOUNT TO BE LOANED.
(1) THE TOTAL AMOUNT THAT MAY BE LOANED
UNDER THIS SECTION BY ALL OF THE RETIREMENT SYSTEMS
COMBINED MAY NOT EXCEED AT ANY TIME:
(I) FOR THE 5-YEAR PERIOD BEGINNING JUNE 1,
1967, AND FOR ANY SUCCEEDING 5-YEAR PERIOD, 10 PERCENT
OF THE COMBINED TOTAL ASSETS OF THE RETIREMENT SYSTEMS;
OR
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