HARRY HUGHES, Governor

2003

[(d)] (C) The terms of the [mortgage] loan to or
agreement with the industrial project applicant by the
public body OR THE AUTHORITY shall include any provisions
that the public body OR THE AUTHORITY considers appropriate
to finance the ACQUISITION OF AN industrial project.

13-152.

(a) (1) If a [mortgage] LOAN OR BONDS insured by the
Authority is in default as to any [mortgage] payment, the
Authority, after it is notified of the default:

(i) Shall pay all sums attributable to the
insured portion of the [mortgage, exclusive of any
acceleration provision, as the sums fall due, but no more,
to the extent that] LOAN OR BONDS IN ACCORDANCE WITH THE
TERMS OF the [mortgage] insurance agreement [provides]; and

(ii) May pay [for not more than 1 year,]
all sums required [in that period by the mortgage,] BY THE
LOAN OR BONDS regardless of the amount insured, if the
Authority finds that payment is necessary [to delay
foreclosure of an industrial project] and [that the delay]
THE PAYMENT promotes the purposes of this subtitle.

(2) A payment by the Authority under this
subsection does not relieve [a tenant of] an industrial
project APPLICANT from any obligation.

(b) (1) If a [mortgage] LOAN OR BONDS insured by the
Authority is in default [as to any mortgage payment] and
[there is a vacancy in] the industrial project, [the
Authority may permit the mortgagor to lease or rent] IS
UNOCCUPIED, the property [to a tenant] MAY BE USED for a use
other than as an industrial project.

(2) This [lease or rental] USE of the property
shall be temporary and subject to the conditions that the
Authority requires.

13-153.

[(a) Notwithstanding any other law, mortgage loans
approved by the Authority and bonds issued under this
subtitle and participations in them:

(1)  May be negotiable; and

(2)  To the extent that the mortgage payments are
insured by the Authority, are lawful investments for all
banks, trust companies, savings banks, credit unions,
savings and loan associations, investment companies,
insurance companies, personal representatives, guardians,
conservators, trustees, and other fiduciaries, and pension,
retirement, and profit-sharing funds.]