PARRIS N. GLENDENING, Governor

S.B. 338

(B)     THE FINANCIAL ASSISTANCE SHALL BE ON SUCH TERMS AS THE
DEPARTMENT DEEMS NECESSARY TO MAKE THE ENTERPRISE FINANCIALLY
FEASIBLE.

(C)     FINANCIAL ASSISTANCE UNDER THE NEIGHBORHOOD BUSINESS
DEVELOPMENT PROGRAM MAY BE SECURED, AT THE DISCRETION OF THE
DEPARTMENT, BY A MORTGAGE LIEN OR OTHER SECURITY INSTRUMENT, WHICH
MAY BE SUBORDINATE TO OTHER SECURITY INTERESTS.

(D)    THE DEPARTMENT MAY:

(1)     MODIFY THE RATE OF INTEREST, THE TIME OR AMOUNT OF
PAYMENT, OR ANY OTHER TERM OF A GRANT OR LOAN IN ORDER TO FACILITATE
THE SUCCESSFUL COMPLETION OR OPERATION OF A PROJECT; AND

(2)     CONTRACT FOR SERVICES RELATING TO THE PROGRAM; AND

(3)     REQUIRE PAYMENT OF A NONREFUNDABLE APPLICATION FEE;.

(4) WITHOUT APPROVAL OR EXECUTION BY THE BOARD OF PUBLIC
WORKS;

(I) ASSIGN A MORTGAGE FOR VALUE;

(II) RELEASE A MORTGAGE;

(III) FORECLOSE A MORTGAGE;

(IV) ACQUIRE PROPERTY SECURING A LOAN IN DEFAULT; OR

(V) ENCUMBER, SELL, OR OTHERWISE DISPOSE OF PROPERTY
ACQUIRED IN CONNECTION WITH A LOAN IN DEFAULT.

(E) NOTWITHSTANDING THE PROVISIONS OF TITLES 10 THROUGH 17 OF THE
STATE FINANCE AND PROCUREMENT ARTICLE, FOLLOWING A DEFAULT ON ANY
OBLIGATIONS INCURRED IN CONNECTION WITH FINANCIAL ASSISTANCE PROVIDED
UNDER THIS TITLE, THE DEPARTMENT MAY DIRECTLY OR INDIRECTLY BY
CONTRACTING WITH THIRD PARTIES;

(1)     ACQUIRE;

(2)     HOLD;

(3)     IMPROVE;

(4)     OPERATE AND MANAGE;

(5)     SELL;

(6)     ASSIGN;

(7)     EXCHANGE;

(8)     TRANSFER;

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