WILLIAM DONALD SCHAEFER, Governor                            Ch. 689

(5)      INFORMATION CONCERNING WHERE IN THE STATE THE ACTIVITIES
TO BE FINANCED WITH THE DEFENSE ADJUSTMENT LOAN WILL TAKE PLACE AND
WHAT ECONOMIC IMPACT THE ACTIVITIES ARE EXPECTED TO HAVE ON THAT AREA;

(6)      EVIDENCE OF THE INABILITY OF THE APPLICANT TO OBTAIN THE
FINANCING NECESSARY FOR THE ACTIVITIES DESCRIBED IN THE STRATEGIC
BUSINESS PLAN ON AFFORDABLE TERMS THROUGH NORMAL LENDING CHANNELS;

(7)      INFORMATION THAT RELATES TO THE FINANCIAL STATUS OF THE
APPLICANT, INCLUDING, IF APPLICABLE:

(I)       A CURRENT BALANCE SHEET;

(II)     A PROFIT AND LOSS STATEMENT; AND

(III)    CREDIT REFERENCES; AND

(8)      ANY OTHER RELEVANT INFORMATION THAT THE DEPARTMENT
REQUESTS.

3-609.

(A)     EXCEPT AS PROVIDED IN THIS SUBTITLE, THE DEPARTMENT MAY SET
THE TERMS AND CONDITIONS FOR DEFENSE ADJUSTMENT LOANS.

(B)      IF THE DEPARTMENT DECIDES TO LEND MONEY TO AN APPLICANT, THE
DEPARTMENT SHALL PREPARE LOAN DOCUMENTS.

(C)     THE LOAN DOCUMENTS SHALL INCLUDE:

(1)      THE RATE OF INTEREST ON THE LOAN;

(2)      THE AMOUNT OF THE LOAN;

(3)      PROVISIONS FOR REPAYMENT OF THE LOAN, PROVIDED THAT THE
PROVISIONS FOR REPAYMENT MAY, IN THE COMMITTEE'S DISCRETION, BE BASED
ON A FLEXIBLE REPAYMENT SCHEDULE; AND

(4)      ANY OTHER PROVISIONS THAT THE DEPARTMENT DETERMINES
ARE NECESSARY, INCLUDING THE TAKING OF LIENS AND SECURITY INTERESTS IN
REAL AND PERSONAL PROPERTY.

(D)     (1) MORTGAGES OR DEEDS OF TRUST HELD AS SECURITY FOR LOANS
MADE UNDER THIS SUBSECTION THAT ARE IN DEFAULT MAY BE FORECLOSED BY
THE DEPARTMENT IN THE SAME MANNER AS PROVIDED BY THE MARYLAND RULES
OF PROCEDURE FOR FORECLOSURES IN PRIVATE TRANSACTIONS.

(2) THE DEPARTMENT MAY TAKE TITLE IN ITS NAME TO ANY
PROPERTY FORECLOSED AND TO CONVEY TITLE TO THE PROPERTY TO BONA FIDE
PURCHASERS OF THE PROPERTY.

(E)     THE MAXIMUM AMOUNT OF A DEFENSE ADJUSTMENT LOAN MAY NOT
EXCEED THE LIMIT SET BY THE REGULATIONS OF THE ECONOMIC DEVELOPMENT
ADMINISTRATION.

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