WILLIAM DONALD SCHAEFER, Governor                      Ch. 11

rehabilitate units in a cooperative ownership housing
corporation; and

2. "Reverse equity mortgage loans"
includes loans that use the equity in a home as collateral.

(iii) Any commitment, mortgage or bonds or
notes secured shall contain terms and conditions necessary to
secure repayment of its loan, the interest thereon and other
charges in connection with the loan. Mortgage loans for a
community development project and reverse equity mortgage loans
may bear interest at any rate or rates which the Administration
determines will make the community development project
economically feasible, except that the Administration may not
increase the rate of interest originally charged on a permanent
direct mortgage loan to a family for the purchase of a dwelling
unit in a community development project. Subject to the
provisions of any contract with noteholders or bondholders,
consent to the modification, with respect to rate of interest,
time of payments of any installment of principal or interest,
security, or any other term, of any mortgage, mortgage loan,
reverse equity mortgage [loan] LOAN, mortgage loan commitment, OR
reverse equity mortgage loan [commitment contract] COMMITMENT,
CONTRACT, or agreement of any kind to which the Administration is
a party. In connection with any property on which it holds a
mortgage loan[,] OR reverse equity mortgage [loan] LOAN, to
foreclose on the property or commence any action to protect or
enforce any right conferred upon it by any law, mortgage contract
or other agreement, and to bid for and purchase the property at
any foreclosure or at any other sale, or acquire or take
possession of the property; and in the event the Administration
may complete, administer, pay the principal of and interest on
any obligations incurred in connection with the property, dispose
of, and otherwise deal with the property, in a manner as may be
necessary or desirable to protect the interests of the
Administration. Any lien held by the Administration on property
shall be a lien superior to all other liens on the property
except liens for taxes owed to the State of Maryland or any
subdivision thereof and earlier mortgage liens. The
Administration may sell any mortgage or other obligation held by
it, at public or private sale, with or without public bidding.
The Administration may purchase securities backed by mortgage
loans for community development projects.

DRAFTER'S NOTE: This corrects a stylistic error in a
cross-reference and corrects the omissions of
punctuation and conjunctions in Article 41, §
11-304(13).

The stylistic error occurred in Ch. 527 of the Acts of

1970. The omitted punctuation, commas, and the

omitted disjunctive conjunctions, "or", were omitted
in Ch. 783 of the Acts of 1986.

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