HARRY HUGHES, Governor                                       673

(5) IF THE OPTION PROVIDED FOR IN § 13-151 OF
THIS SUBTITLE IS EXERCISED, THE INDUSTRIAL PROJECT
APPLICANT.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 41, §
266-O(8), the introductory clause of Art. 41, §
266T(b), and from Art. 41, § 266T(b)(1).

In this subsection and throughout this subtitle,
the term "political subdivision" is substituted
for references to a "municipality or county".
See revisor's note to § 13-101(m) of this
subtitle.

The present reference to "instrumentalities" of a
political subdivision is deleted as essentially
unnecessary, since the instrumentality would act
through the political subdivision, and as
inconsistent with the specific provisions of Part
V of this subtitle, which do not include such
instrumentalities, other than an industrial
development authority, within the concept of an
independent "public body". See § 13-101(o) and,
e.g., § 13-141 of this subtitle.

As to items (1) and (3) of this subsection, the
terms "local development corporation" and
"industrial development authority" are defined in
§ 13-101 of this subtitle.

As to the general scope of this subsection, see
revisor's note to subsection (a) of this section.

(C) MORTGAGEE.

THE MORTGAGEE SHALL BE A PERSON APPROVED BY THE
AUTHORITY.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from the second clause
of Art. 41, § 266T(b)(1).

As to the general scope of this subsection, see
revisor's note to subsection (a) of this section.

13-132. SAME — FOR INSURANCE.

(A) IN GENERAL.

TO BE ELIGIBLE FOR INSURANCE UNDER THIS SUBTITLE, A
MORTGAGE LOAN SHALL MEET THE REQUIREMENTS OF § 13-131 OF
THIS SUBTITLE AND THE REQUIREMENTS OF THIS SECTION.

REVISOR'S NOTE: This subsection presently appears as
the introductory clause to Art. 41, § 266T(b).