1534

LAWS OF MARYLAND

Ch. 528

(I)         A PROVISION FOR PAYMENTS OF INTEREST
ONLY FOR 2 YEARS FROM THE DATE OF THE LOAN;

(II)      A PROVISION FOR PAYMENTS OF PRINCIPAL
AND INTEREST, IN ACCORDANCE WITH AN AMORTIZATION SCHEDULE
THAT THE SECRETARY APPROVES, FOR NOT MORE THAN A 30-YEAR
PERIOD FROM THE END OF THE 2-YEAR PERIOD; AND

(III)    THE PROVISIONS FOR INTEREST RATE,
NOTICE AND APPROVAL OF CONVEYANCES OF LAND, AND PREPAYMENT
OF THE LOAN, AS SPECIFIED IN § 440(C)(2)(III) THROUGH (V) OF
THIS SUBTITLE.

(3)        THE LOAN AGREEMENT MAY CONTAIN REGULATORY

AND SECURITY PROVISIONS.

[(f)] (E) The loan agreement shall be recorded among
the land records of the subdivision in which the land is
located[,] and shall constitute a [purchase money first]
lien upon the land and improvements.

[(g)] (F) The Secretary may, upon application and after
investigation, approve a loan not exceeding $15,000 and on
an equal matching basis with funds of the borrowing
subdivision, for the purpose of financing planning [and/]or
engineering study costs of or for a project situate or to be
situate on land owned by or under option to the borrowing
subdivision or owned by the federal government upon
reasonable assurance that the site will be made available to
the subdivision. Upon approval of any such loan, the
Secretary and the subdivision shall enter into a loan
agreement requiring repayment within five years at an
interest rate calculated pursuant to § 440(c)[(3)] (2) (III)
OF THIS SUBTITLE and in accordance with an amortization
schedule approved by the Secretary.

441A.

(a) (4) "Shell building" means a basic structure of
flexible design OR A REHABILITATED BUILDING, erected on land
owned or controlled by the political subdivision, for
eventual sale or lease to a purchaser or tenant requiring
facilities for manufacturing, assembling, fabricating,
processing, warehousing, research and development, or office
use.

(c) In determining whether or not to approve a loan
and the amount of the loan, the Secretary shall consider
those factors set forth in § 440(b) as they relate to the
shell building project. After the investigation he
considers necessary, the Secretary may approve a loan of all
or any part of the project costs, not to exceed $1,500,000[,
of which not more than $750,000 may be loaned for project
costs incurred before obtaining a tenant for the shell
building and not more than $750,000 may be loaned for costs
of finishing the building for an identified tenant].