Ch. 422

LAWS OF MARYLAND

(F) (1) FOR EACH LOAN, WITH THE APPROVAL OF THE SECRETARY
AND IN ACCORDANCE WITH THE REGULATIONS, THE TRUST MAY SET:

(I)  THE PRINCIPAL AMOUNT;

(II)  THE MATURITY;

(III)  THE REPAYMENT TERMS; AND

(IV)  THE INTEREST RATE, WHICH:

1.  MUST COMPLY WITH FEDERAL REGULATIONS
GOVERNING THE BORROWING OF MONEYS BY THE STATE, IF APPLICABLE;
AND

2.  MAY BE AT A PREFERRED RATE IN RELATION
TO RATES FOR SIMILAR LOANS MADE AT THE TIME UNDER THE MHT LOAN
PROGRAM IF:

A.  THE RECIPIENT IS A NONPROFIT
ORGANIZATION OR A LOCAL JURISDICTION; OR

B.  UPON CONCLUSION OF ANY SCHEDULED
RESTORATION OR REHABILITATION OF THE HISTORIC PROPERTY, IT WILL
BE OCCUPIED IN WHOLE OR IN PART BY INDIVIDUALS OR FAMILIES OF
LIMITED INCOME AS DETERMINED BY THE SECRETARY UNDER § 2-203 OF
THIS ARTICLE.

(2) (I) LOANS MADE UNDER THE MHT LOAN PROGRAM MAY BE
SECURED BY MORTGAGE LIENS, WHICH MAY BE SUBORDINATE TO OTHER
MORTGAGE LIENS, GUARANTEES OF REPAYMENT, OR OTHER FORMS OF
COLLATERAL ACCEPTABLE TO THE TRUST.

(II) WITHOUT APPROVAL OR EXECUTION BY THE BOARD
OF PUBLIC WORKS, THE TRUST MAY:

1. FORECLOSE THE MORTGAGE, AND:

A. TAKE TITLE TO THE PROPERTY; OR

B. CONVEY TITLE TO A BUYER; AND

2. OBTAIN AND SEEK ENFORCEMENT OF A

DEFICIENCY JUDGMENT MAY TAKE TITLE TO A MORTGAGED PROPERTY BY
FORECLOSURE OR BY DEED IN LIEU OF FORECLOSURE, AND THEREAFTER:

1.  CONVEY TITLE TO A BUYER; AND

2.  OBTAIN AND SEEK ENFORCEMENT OF A
DEFICIENCY JUDGMENT.

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