770

LAWS OF MARYLAND

Ch. 49

project if at the time of application to the Authority,
there is in effect a commitment satisfactory to the
Authority for permanent financing on the industrial project
by the same or another lender. As used in this subtitle,
"mortgage" includes any bonds, notes, guarantees,
agreements, or other credit instruments securing or
evidencing the mortgage indebtedness. The mortgage shall
provide that all the proceeds of the sale of any real or
personal property released from the lien thereof shall be
applied to the outstanding balance secured by such mortgage.

(7)  "Mortgagee" means the original lender
approved by the Authority under a mortgage, and its
successors and assigns and may include all insurance
companies, trust companies, banks, building and loan
associations, credit unions, savings and loan associations,
investment companies, savings banks, individuals, executors,
administrators, guardians, conservators, trustees, and other
fiduciaries, including pension, retirement, and
profit-sharing funds.

(8)  "Mortgagor" means a local development
corporation, a municipality or county, or their
instrumentalities including an industrial development
authority created under §§ 266A-1 and 266A-2 of this
article, or the State Aviation Administration, or in the
event that the option provided in § 266WA of this article
becomes applicable, "mortgagor" shall mean the industrial
project applicant.

(9)  "Mortgage payments" means payments by the
mortgagor to the mortgagee required by the mortgage, and may
include interest, installments of principal, taxes and
assessments or payments in lieu thereof, land-lease rentals,
mortgage insurance premiums and hazard insurance premiums,
and such depreciation payments as may be necessary to
maintain the integrity of the project until the principal
has been completely amortized, or any of them as the
Authority may prescribe.

(10)  "Municipality" means a municipal
corporation in Maryland subject to the provisions  of Article
11E of the Constitution; and it also means the mayor and
city council of Baltimore City. "County" means one of the
twenty-three counties of Maryland.

(11)  "Public use airport" means any privately
owned area established for the landing and taking off of
aircraft, including any appurtenant airport facilities, that
is open to flight operations by the public.

(12)  "Public use airport facility" includes any
one or more or combination of:

(i) Lands, airfield improvements, terminal
area improvements, general aviation facilities, air cargo
facilities, general site improvements, utilities, roads