HARRY HUGHES, Governor                                       675

(IV)       PREMIUMS ON INSURANCE WITH RESPECT TO
THE MORTGAGED PROPERTY;

(V)       THE MORTGAGE INSURANCE PREMIUMS
REQUIRED BY THE AUTHORITY UNDER THIS SUBTITLE; AND

{VI) ANY DEPRECIATION PAYMENTS NECESSARY
TO MAINTAIN THE INTEGRITY OF THE INDUSTRIAL PROJECT UNTIL
THE MORTGAGE PRINCIPAL HAS BEEN FULLY AMORTIZED.

REVISOR'S NOTE: This subsection is new language derived
without substantive change from Art. 41, §
266T(b)(4).

In present paragraph (2)(ii) of this subsection,
the adjective "local" is deleted. If there are
any other property taxes to be paid, they would
be included in the repayment requirements of this
subsection.

In paragraph (2) (iv) of this subsection, the
phrase "insurance with respect to" is substituted
for the reference to "hazard insurance on" to
conform to the current practice of the Authority.
In this regard, see revisor's note to subsection
(b) of this section.

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

(D) MATURITY.

(1)   IN THIS SUBSECTION, "MATURITY DATE" MEANS
THE DATE WHEN A MORTGAGE DEBT WOULD BE PAID OFF IF THE
MORTGAGE PAYMENTS ARE MADE AS THE MORTGAGE PROVIDES.

(2)   THE MORTGAGE SHALL HAVE A MATURITY DATE OR
DATES THAT ARE SATISFACTORY TO THE AUTHORITY AND MEET THE
REQUIREMENTS OF THIS SUBSECTION.

(3)   THE MATURITY DATE OF ANY PART OF THE
MORTGAGE LOAN THAT RELATES TO REAL PROPERTY MAY NOT BE LATER
THAN THE EARLIER OF:

(I)   IF A PUBLIC BODY IS MORTGAGOR, THE END
OF THE INITIAL TERM OF ANY LEASE OF THE MORTGAGED PROPERTY
FROM THE MORTGAGOR; OR

(II)   25 YEARS AFTER THE DATE WHEN ANY
MORTGAGE INSURANCE FIRST IS PROVIDED.

(4) THE MATURITY DATE OF ANY PART OF THE
MORTGAGE LOAN THAT RELATES TO MACHINERY OR EQUIPMENT MAY NOT
BE LATER THAN THE EARLIER OF:

(I) 15 YEARS AFTER THE DATE WHEN ANY