HARRY HUGHES, Governor                                       655

this article. This definition is retained to
avoid unnecessary repetition in this subtitle of
the phrase "mortgage on an industrial project".

As to the requirement that the mortgage be a

"first" mortgage or deed of trust, see §

13-132(g) of this subtitle, where exceptions to
this requirement also are noted.

(J) MORTGAGE PAYMENTS.

"MORTGAGE PAYMENTS" MEANS PAYMENTS THAT A MORTGAGOR IS
REQUIRED TO MAKE UNDER § 13-132(C) OF THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language
substituted without substantive change for Art.
41, § 266-O(9).

The present list of specifically included
payments is deleted and replaced with a cross
reference to § 13—132(c) of this subtitle, which
contains these same provisions.

(K) MORTGAGEE.

"MORTGAGEE" MEANS THE ORIGINAL MORTGAGE LENDER APPROVED
BY THE AUTHORITY AND ANY SUCCESSOR OR ASSIGNEE OF THAT
LENDER.

REVISOR'S NOTE: This subsection presently appears as
the first clause of Art. 41, § 266-O(7).

The only changes are in style.

The balance of present Art. 41, § 266-O(7), which
lists several          examples          of          companies,

institutions, and other persons included as
potential mortgagees, is deleted as unnecessary.
The essential substantive qualification for a
mortgagee is that the mortgagee be "a person
approved by the Authority"; see § 13-131(c) of
this subtitle.

(L) MORTGAGOR.

"MORTGAGOR" MEANS A BORROWER WHO IS QUALIFIED TO BE A
MORTGAGOR UNDER § 13-131(B) OF THIS SUBTITLE.

REVISOR'S NOTE: This subsection is new language
substituted without substantive change for
present Art. 41, § 266-O(8).

The present list of qualified mortgagors now
appears in § 13-131(b) of this subtitle.

(M) POLITICAL SUBDIVISION.