672

LAWS OF MARYLAND

Ch. 33

In subsection (c) of this section, the term
"default" is substituted for "foreclosure" to
conform to the somewhat similar provisions of §
13-152(b) of this subtitle, which apply in the
event of a default, whether or not there has been
an actual foreclosure.

In subsection (d) of this section, the present
term "public use airport facility" is deleted as
unnecessary in light of the definition of "public
use airport" in § 13-101(p) of this subtitle.

As to the references to "mortgage" loans, see the
General Revisor's Note to this subtitle.

13-131. REQUISITES OF MORTGAGE — IN GENERAL.

(A)       IN GENERAL.

TO BE ELIGIBLE FOR APPROVAL UNDER THIS SUBTITLE, A
MORTGAGE LOAN SHALL MEET THE REQUIREMENTS OF THIS SECTION.

REVISOR'S NOTE: This subsection is new language derived
from the introductory clause to Art. 41, §
266T(b).

The present reference to the approval of a
mortgage loan "for insurance" is deleted. Ch.
667, Acts of 1976, expanded the jurisdiction of
Authority to authorize approval of any mortgage
loan, whether or not the loan will be insured by
it. See § 13-129(1) of this subtitle. To
reflect this change and in accordance with the
current practice of the Authority, this section
has been revised to include those requisites of
present Art. 41, § 266T(b) that are of a general
nature and applicable to all loans, whether or
not to be insured. Those requisites of present
Art. 41, § 266T(b) that are limited to approvals
for insurance now appear in § 13-132 of this
subtitle.

As to the reference to "mortgage" loan, see the
General Revisor's Note to this subtitle.

(B)        MORTGAGOR.

THE MORTGAGOR SHALL BE:

(1)   A LOCAL DEVELOPMENT CORPORATION;

(2)   A POLITICAL SUBDIVISION;

(3)   AN INDUSTRIAL DEVELOPMENT AUTHORITY;

(4)   THE STATE AVIATION ADMINISTRATION; OR