HARRY HUGHES, Governor                                1993

(c) [The mortgagee] EXCEPT WHERE THE AUTHORITY IS THE
LENDER, THE LENDER shall be a person approved by the
Authority. IF THE AUTHORITY IS THE LENDER, THE LENDER ALSO
INCLUDES THE TRUSTEE OR OTHER FIDUCIARY FOR THE BONDHOLDERS.
If the borrowing by a public body is in the form of a bond
issue, the Authority shall approve the terms of the bonds
and of their issuance.

13-132.

(a)  To be eligible for insurance under this subtitle,
a [mortgage] loan shall meet the requirements of § 13-131 of
this subtitle and the requirements of this section.

(b)  The [mortgage] LOAN DOCUMENTS shall[:

(1)  Be] BE in the form that the Authority
requires[;] and

[(2) Contain the] MAY INCLUDE, BY WAY OF
EXAMPLE, terms and provisions with respect to insurance,
repairs, alterations, payment of or payments in lieu of
taxes and assessments, default reserves, delinquency
charges, default remedies, anticipation of maturity,
[additional and secondary liens,] ] liens, and other
matters that the Authority requires.

(c) (1) The [mortgage] LOAN DOCUMENTS shall contain
repayment provisions that are satisfactory to the Authority.

(2)  These provisions may include requirements
for the payment by the [mortgagor] BORROWER of:

(i) Principal and interest;

(ii) Property taxes and assessments or
payments in lieu of these taxes and assessments;

(iii) Any landlease rentals;

(iv) Premiums [on] FOR insurance [with
respect to the mortgaged property] ON THE INDUSTRIAL
PROJECT;

(v) The [mortgage] LOAN insurance premiums
required by the Authority under this subtitle; and

(vi) Any depreciation payments necessary
to maintain the integrity of the industrial project until
the [mortgage] principal DUE UNDER THE LOAN has been fully
amortized.

(d) (1) In this subsection, "maturity date" means the
date when a [mortgage] debt would be paid off if the
[mortgage] payments are made as the [mortgage provides] LOAN
DOCUMENTS PROVIDE.