§ 42-34-6 Definitions. – As used in this chapter, the following words and terms have the followingmeanings unless the context shall indicate another or different meaning orintent:
(1) "Cost of project" means, in the case of an industrialproject described in subdivision (3)(a), the cost or fair market value ofacquisition, whichever is lower, or the cost of construction, alteration,reconstruction, expansion or rehabilitation of an industrial project by a localindustrial development corporation or by a project owner, and in the case of anindustrial project described in subdivision (3)(b), the cost of acquisition bya local development corporation or by a project owner. There may be included incost of project the costs of all financing charges, existing encumbrances,interest during construction period, engineering, architectural and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of an industrial project.
(b) "Cost of project" , in the case of a recreational projectdescribed in subdivision (4) means the cost or fair market value of newconstruction (including renovations or remodeling of existing structures if theauthority determines that such renovation or remodeling adds fifty percent(50%) or more to the fair market value of the structure exclusive of the valueof the land upon which it rests), lands, property rights, machinery, easements,franchises, fixtures, financing charges, interest, engineering and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of a recreational project; provided,however, that in the expense of any renovations or remodeling of existingstructures shall not be included in "cost of project" to the extent thatexpense exceeds the fair market value of the structure (exclusive of the landupon which it rests) as so renovated or remodeled.
(2) "Federal agency" means and includes the United States ofAmerica, the President of the United States of America, and any department of,or corporation, agency, or instrumentality heretofore or hereafter created,designated, or established by the United States of America.
(3) "Industrial project" means lands or buildings or otherreal estate improvements in Rhode Island, or any interest therein, acquired andconstructed, reconstructed, improved, expanded, renovated, or rehabilitated bya local development corporation or by a project owner, together with alleasements and other interests in the property, provided that the industrialproject is to be used:
(i) By any industry for the manufacturing, processing, orassembling of raw materials or manufactured products, or
(ii) For the providing of research or warehousing facilitiesfor the benefit of any such industry, or
(iii) An office and/or wholesale and/or retail facility,which facility is to be at least fifty-one percent (51%) owner-occupied, andprovided further that the authority has determined that the industrial projector other real estate improvement will tend to provide gainful employment forthe people of Rhode Island, or to prevent, eliminate, or reduce unemployment inRhode Island, increase the tax base of the economy, diversify and expandindustry so that periods of large scale unemployment and distressed times maybe avoided, and generally benefit economic development in Rhode Island. An"industrial project" as defined herein may be located on leased land providedthe term of the lease extends at least until the "maturity date", as defined inthis section.
(b) "Industrial project" also means any machinery andequipment provided:
(i) The machinery and equipment has been acquired for use inconnection with any building new or otherwise, or other real estate improvementin Rhode Island, used for the manufacturing, processing, or assembling of rawmaterials or manufactured products or for the providing of research facilitiesin connection therewith, furniture and/or fixtures, or used for office and/orwholesale and/or retail purposes in a facility which is at least fifty-onepercent (51%) owner-occupied;
(ii) The authority has determined that the machinery andequipment will tend to provide gainful employment for the people of RhodeIsland or to prevent, eliminate, or reduce unemployment in Rhode Island,increase the tax base of the economy and diversify and expand industry so thatperiods of large scale unemployment and distressed times may be avoided, andgenerally benefit economic development in Rhode Island;
(iii) The owner therefore has agreed not to remove themachinery and equipment from the building or real estate improvement until theprincipal obligation of any mortgage on the machinery and equipment, themortgage payments under which are insured by the authority pursuant to §42-34-10, has been paid in full, except that the machinery and equipment may beremoved from the building or real estate improvement with the prior writtenconsent of the authority if such owner has agreed to substitute in placethereof other machinery and equipment approved by the authority and themortgage within such reasonable period of time as the authority shall prescribe.
(c) An "industrial project" as defined herein shall cost morethan one hundred thousand dollars ($100,000); provided, however, where theauthority commences to insure mortgage payments on an "industrial project"defined in subdivision (3)(b) at the same time as it commences to insuremortgage payments on an "industrial project" defined in subdivision (3)(a) itshall have the power to commence insuring mortgage payments on such "industrialproject" defined in subdivision (3)(b) without limitation as to the minimumamount of one hundred thousand dollars ($100,000) provided for herein.
(d) An "industrial project" under the provisions ofsubdivisions (3)(a) and (3)(b) may include a real estate improvement ormachinery and equipment suitable for the abatement or control of industrialpollution to be used in connection with any buildings, real estate improvement,or machinery and equipment; provided, however, that the determinations underthe provisions of subdivisions (3)(a) and (3)(b) of this section need not bemade by the authority.
(4) "Recreational project" means any building, facility,development, or improvement in Rhode Island and the interest of the owner ofsuch building, facility, development, or improvement in and to the land uponwhich it may be located, provided that the owner's interest be in fee simple orbe a leasehold interest in land owned by the state of Rhode Island having aterm expiring not less than ten (10) years after the date of recording themortgage hereinafter defined, and provided the building, facility, development,or improvement is designed in whole or in part to attract tourists to thisstate and including, without limiting in any way the generality of theforegoing, marinas, beaches, bathing facilities, ski facilities, conventionfacilities, hotels, motels, golf courses, camp grounds, arenas, theaters,lodges, guest cottages, and all types of facilities, and furniture and/orfixtures, related thereto as may be determined from time to time by theauthority and which the authority has determined will contribute to the healthand welfare of the people or will tend to improve the economy of the state,increase employment, or provide a wider tax base. A "recreational project" asdefined herein shall cost more than twenty-five thousand dollars ($25,000).
(5) "Industrial pollution" means any gaseous, liquid, orsolid waste substance, or combination thereof, resulting from the operations ofan industry referred to in subdivision (3)(a) of this section, which pollutethe land, water, or air of Rhode Island.
(6) "Local development corporation" means any corporation orfoundation organized and operated primarily for the purposes of fostering,encouraging, and assisting the physical location, settlement, and resettlementof industrial and manufacturing enterprises or recreational enterprise withinthe state or promoting the industry or recreational promotion of the state,including, for recreational purposes, the Rhode Island industrial facilitiescorporation no part of the net earnings of which inures to the benefit of anyprivate shareholder or individual.
(7) "Maturity date" means the date on which the mortgageindebtedness would be extinguished if paid in accordance with periodic paymentsprovided for in the mortgage.
(8) "Mortgage" means for a subdivision (3)(a) or (3)(b)project above a first mortgage or security agreement on an industrial projectcreating and constituting a first lien of record, together with bonds, notes,evidences of indebtedness, or other credit instruments issued by a mortgagor tofinance such project and secured thereby; provided, however, a first mortgageshall include a second or subsequent mortgage or security agreement on anindustrial project if:
(i) The holder of such second or subsequent mortgage orsecurity agreement is also the holder of a prior mortgage or security agreementon such industrial project under which prior mortgage or security agreement theauthority is already insuring mortgage payments and;
(ii) No other person or legal entity holds an interveningmortgage, security interest or lien on such industrial project prior to suchsecond or subsequent mortgage or security interest; and provided further, that"mortgage" shall also mean a second mortgage or security agreement that: (A) isissued by a project owner to a local development corporation; and (B) involvesa principal obligation that does not exceed forty percent (40%) of the cost ofproject. Industrial projects described in subdivisions (3)(a), (3)(b), and(3)(d) may be financed and secured together if the requirements of §42-34-10 are met.
(b) "Mortgage" means for the purpose of a subdivision (4)project above, a first mortgage on a recreational project together with bonds,notes, evidences of indebtedness, or other credit instruments issued by amortgagor to finance such project and secured thereby.
(9) "Mortgagee" means the original lender approved by theauthority under a mortgage, and its successors and assigns and may include allinsurance companies, trust companies, banks, building and loan associations,credit unions, savings and loan associations, investment companies, savingsbanks, local development corporations, individuals, executors, administrators,guardians, conservators, trustees, and other fiduciaries; including pension,retirement and profit-sharing funds; provided, however, that where there hasbeen appointed a trustee under an indenture of trust or other similar documentfor the benefit of the holders of bonds or notes issued to finance anindustrial project secured by a mortgage, "mortgagee" means such trustee. Alocal development corporation can be a second mortgagee only for a subdivision(3)(a) or (3)(b) project above if the second mortgage or security agreement isissued by the project owner to the local development corporation and theprincipal obligation of the second mortgage does not exceed forty percent (40%)of the cost of the project.
(10) "Project owner" means any business entity, other than alocal development corporation, that owns an industrial project.
(11) "Mortgagor" means a local development corporation asdefined herein.
(12) "Mortgage payments" means periodic payments by themortgagor to the mortgagee required by the mortgage, and may include interest,installments of principal, taxes and assessments, land lease rentals, mortgageinsurance premiums and hazard insurance premiums, or any of them as theauthority may prescribe.
§ 42-34-6 Definitions. – As used in this chapter, the following words and terms have the followingmeanings unless the context shall indicate another or different meaning orintent:
(1) "Cost of project" means, in the case of an industrialproject described in subdivision (3)(a), the cost or fair market value ofacquisition, whichever is lower, or the cost of construction, alteration,reconstruction, expansion or rehabilitation of an industrial project by a localindustrial development corporation or by a project owner, and in the case of anindustrial project described in subdivision (3)(b), the cost of acquisition bya local development corporation or by a project owner. There may be included incost of project the costs of all financing charges, existing encumbrances,interest during construction period, engineering, architectural and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of an industrial project.
(b) "Cost of project" , in the case of a recreational projectdescribed in subdivision (4) means the cost or fair market value of newconstruction (including renovations or remodeling of existing structures if theauthority determines that such renovation or remodeling adds fifty percent(50%) or more to the fair market value of the structure exclusive of the valueof the land upon which it rests), lands, property rights, machinery, easements,franchises, fixtures, financing charges, interest, engineering and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of a recreational project; provided,however, that in the expense of any renovations or remodeling of existingstructures shall not be included in "cost of project" to the extent thatexpense exceeds the fair market value of the structure (exclusive of the landupon which it rests) as so renovated or remodeled.
(2) "Federal agency" means and includes the United States ofAmerica, the President of the United States of America, and any department of,or corporation, agency, or instrumentality heretofore or hereafter created,designated, or established by the United States of America.
(3) "Industrial project" means lands or buildings or otherreal estate improvements in Rhode Island, or any interest therein, acquired andconstructed, reconstructed, improved, expanded, renovated, or rehabilitated bya local development corporation or by a project owner, together with alleasements and other interests in the property, provided that the industrialproject is to be used:
(i) By any industry for the manufacturing, processing, orassembling of raw materials or manufactured products, or
(ii) For the providing of research or warehousing facilitiesfor the benefit of any such industry, or
(iii) An office and/or wholesale and/or retail facility,which facility is to be at least fifty-one percent (51%) owner-occupied, andprovided further that the authority has determined that the industrial projector other real estate improvement will tend to provide gainful employment forthe people of Rhode Island, or to prevent, eliminate, or reduce unemployment inRhode Island, increase the tax base of the economy, diversify and expandindustry so that periods of large scale unemployment and distressed times maybe avoided, and generally benefit economic development in Rhode Island. An"industrial project" as defined herein may be located on leased land providedthe term of the lease extends at least until the "maturity date", as defined inthis section.
(b) "Industrial project" also means any machinery andequipment provided:
(i) The machinery and equipment has been acquired for use inconnection with any building new or otherwise, or other real estate improvementin Rhode Island, used for the manufacturing, processing, or assembling of rawmaterials or manufactured products or for the providing of research facilitiesin connection therewith, furniture and/or fixtures, or used for office and/orwholesale and/or retail purposes in a facility which is at least fifty-onepercent (51%) owner-occupied;
(ii) The authority has determined that the machinery andequipment will tend to provide gainful employment for the people of RhodeIsland or to prevent, eliminate, or reduce unemployment in Rhode Island,increase the tax base of the economy and diversify and expand industry so thatperiods of large scale unemployment and distressed times may be avoided, andgenerally benefit economic development in Rhode Island;
(iii) The owner therefore has agreed not to remove themachinery and equipment from the building or real estate improvement until theprincipal obligation of any mortgage on the machinery and equipment, themortgage payments under which are insured by the authority pursuant to §42-34-10, has been paid in full, except that the machinery and equipment may beremoved from the building or real estate improvement with the prior writtenconsent of the authority if such owner has agreed to substitute in placethereof other machinery and equipment approved by the authority and themortgage within such reasonable period of time as the authority shall prescribe.
(c) An "industrial project" as defined herein shall cost morethan one hundred thousand dollars ($100,000); provided, however, where theauthority commences to insure mortgage payments on an "industrial project"defined in subdivision (3)(b) at the same time as it commences to insuremortgage payments on an "industrial project" defined in subdivision (3)(a) itshall have the power to commence insuring mortgage payments on such "industrialproject" defined in subdivision (3)(b) without limitation as to the minimumamount of one hundred thousand dollars ($100,000) provided for herein.
(d) An "industrial project" under the provisions ofsubdivisions (3)(a) and (3)(b) may include a real estate improvement ormachinery and equipment suitable for the abatement or control of industrialpollution to be used in connection with any buildings, real estate improvement,or machinery and equipment; provided, however, that the determinations underthe provisions of subdivisions (3)(a) and (3)(b) of this section need not bemade by the authority.
(4) "Recreational project" means any building, facility,development, or improvement in Rhode Island and the interest of the owner ofsuch building, facility, development, or improvement in and to the land uponwhich it may be located, provided that the owner's interest be in fee simple orbe a leasehold interest in land owned by the state of Rhode Island having aterm expiring not less than ten (10) years after the date of recording themortgage hereinafter defined, and provided the building, facility, development,or improvement is designed in whole or in part to attract tourists to thisstate and including, without limiting in any way the generality of theforegoing, marinas, beaches, bathing facilities, ski facilities, conventionfacilities, hotels, motels, golf courses, camp grounds, arenas, theaters,lodges, guest cottages, and all types of facilities, and furniture and/orfixtures, related thereto as may be determined from time to time by theauthority and which the authority has determined will contribute to the healthand welfare of the people or will tend to improve the economy of the state,increase employment, or provide a wider tax base. A "recreational project" asdefined herein shall cost more than twenty-five thousand dollars ($25,000).
(5) "Industrial pollution" means any gaseous, liquid, orsolid waste substance, or combination thereof, resulting from the operations ofan industry referred to in subdivision (3)(a) of this section, which pollutethe land, water, or air of Rhode Island.
(6) "Local development corporation" means any corporation orfoundation organized and operated primarily for the purposes of fostering,encouraging, and assisting the physical location, settlement, and resettlementof industrial and manufacturing enterprises or recreational enterprise withinthe state or promoting the industry or recreational promotion of the state,including, for recreational purposes, the Rhode Island industrial facilitiescorporation no part of the net earnings of which inures to the benefit of anyprivate shareholder or individual.
(7) "Maturity date" means the date on which the mortgageindebtedness would be extinguished if paid in accordance with periodic paymentsprovided for in the mortgage.
(8) "Mortgage" means for a subdivision (3)(a) or (3)(b)project above a first mortgage or security agreement on an industrial projectcreating and constituting a first lien of record, together with bonds, notes,evidences of indebtedness, or other credit instruments issued by a mortgagor tofinance such project and secured thereby; provided, however, a first mortgageshall include a second or subsequent mortgage or security agreement on anindustrial project if:
(i) The holder of such second or subsequent mortgage orsecurity agreement is also the holder of a prior mortgage or security agreementon such industrial project under which prior mortgage or security agreement theauthority is already insuring mortgage payments and;
(ii) No other person or legal entity holds an interveningmortgage, security interest or lien on such industrial project prior to suchsecond or subsequent mortgage or security interest; and provided further, that"mortgage" shall also mean a second mortgage or security agreement that: (A) isissued by a project owner to a local development corporation; and (B) involvesa principal obligation that does not exceed forty percent (40%) of the cost ofproject. Industrial projects described in subdivisions (3)(a), (3)(b), and(3)(d) may be financed and secured together if the requirements of §42-34-10 are met.
(b) "Mortgage" means for the purpose of a subdivision (4)project above, a first mortgage on a recreational project together with bonds,notes, evidences of indebtedness, or other credit instruments issued by amortgagor to finance such project and secured thereby.
(9) "Mortgagee" means the original lender approved by theauthority under a mortgage, and its successors and assigns and may include allinsurance companies, trust companies, banks, building and loan associations,credit unions, savings and loan associations, investment companies, savingsbanks, local development corporations, individuals, executors, administrators,guardians, conservators, trustees, and other fiduciaries; including pension,retirement and profit-sharing funds; provided, however, that where there hasbeen appointed a trustee under an indenture of trust or other similar documentfor the benefit of the holders of bonds or notes issued to finance anindustrial project secured by a mortgage, "mortgagee" means such trustee. Alocal development corporation can be a second mortgagee only for a subdivision(3)(a) or (3)(b) project above if the second mortgage or security agreement isissued by the project owner to the local development corporation and theprincipal obligation of the second mortgage does not exceed forty percent (40%)of the cost of the project.
(10) "Project owner" means any business entity, other than alocal development corporation, that owns an industrial project.
(11) "Mortgagor" means a local development corporation asdefined herein.
(12) "Mortgage payments" means periodic payments by themortgagor to the mortgagee required by the mortgage, and may include interest,installments of principal, taxes and assessments, land lease rentals, mortgageinsurance premiums and hazard insurance premiums, or any of them as theauthority may prescribe.
§ 42-34-6 Definitions. – As used in this chapter, the following words and terms have the followingmeanings unless the context shall indicate another or different meaning orintent:
(1) "Cost of project" means, in the case of an industrialproject described in subdivision (3)(a), the cost or fair market value ofacquisition, whichever is lower, or the cost of construction, alteration,reconstruction, expansion or rehabilitation of an industrial project by a localindustrial development corporation or by a project owner, and in the case of anindustrial project described in subdivision (3)(b), the cost of acquisition bya local development corporation or by a project owner. There may be included incost of project the costs of all financing charges, existing encumbrances,interest during construction period, engineering, architectural and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of an industrial project.
(b) "Cost of project" , in the case of a recreational projectdescribed in subdivision (4) means the cost or fair market value of newconstruction (including renovations or remodeling of existing structures if theauthority determines that such renovation or remodeling adds fifty percent(50%) or more to the fair market value of the structure exclusive of the valueof the land upon which it rests), lands, property rights, machinery, easements,franchises, fixtures, financing charges, interest, engineering and legalservices, plans, specifications, surveys, cost estimates, studies, and otherexpenses as may be necessary or incident to the development, construction,financing, and placing in operation of a recreational project; provided,however, that in the expense of any renovations or remodeling of existingstructures shall not be included in "cost of project" to the extent thatexpense exceeds the fair market value of the structure (exclusive of the landupon which it rests) as so renovated or remodeled.
(2) "Federal agency" means and includes the United States ofAmerica, the President of the United States of America, and any department of,or corporation, agency, or instrumentality heretofore or hereafter created,designated, or established by the United States of America.
(3) "Industrial project" means lands or buildings or otherreal estate improvements in Rhode Island, or any interest therein, acquired andconstructed, reconstructed, improved, expanded, renovated, or rehabilitated bya local development corporation or by a project owner, together with alleasements and other interests in the property, provided that the industrialproject is to be used:
(i) By any industry for the manufacturing, processing, orassembling of raw materials or manufactured products, or
(ii) For the providing of research or warehousing facilitiesfor the benefit of any such industry, or
(iii) An office and/or wholesale and/or retail facility,which facility is to be at least fifty-one percent (51%) owner-occupied, andprovided further that the authority has determined that the industrial projector other real estate improvement will tend to provide gainful employment forthe people of Rhode Island, or to prevent, eliminate, or reduce unemployment inRhode Island, increase the tax base of the economy, diversify and expandindustry so that periods of large scale unemployment and distressed times maybe avoided, and generally benefit economic development in Rhode Island. An"industrial project" as defined herein may be located on leased land providedthe term of the lease extends at least until the "maturity date", as defined inthis section.
(b) "Industrial project" also means any machinery andequipment provided:
(i) The machinery and equipment has been acquired for use inconnection with any building new or otherwise, or other real estate improvementin Rhode Island, used for the manufacturing, processing, or assembling of rawmaterials or manufactured products or for the providing of research facilitiesin connection therewith, furniture and/or fixtures, or used for office and/orwholesale and/or retail purposes in a facility which is at least fifty-onepercent (51%) owner-occupied;
(ii) The authority has determined that the machinery andequipment will tend to provide gainful employment for the people of RhodeIsland or to prevent, eliminate, or reduce unemployment in Rhode Island,increase the tax base of the economy and diversify and expand industry so thatperiods of large scale unemployment and distressed times may be avoided, andgenerally benefit economic development in Rhode Island;
(iii) The owner therefore has agreed not to remove themachinery and equipment from the building or real estate improvement until theprincipal obligation of any mortgage on the machinery and equipment, themortgage payments under which are insured by the authority pursuant to §42-34-10, has been paid in full, except that the machinery and equipment may beremoved from the building or real estate improvement with the prior writtenconsent of the authority if such owner has agreed to substitute in placethereof other machinery and equipment approved by the authority and themortgage within such reasonable period of time as the authority shall prescribe.
(c) An "industrial project" as defined herein shall cost morethan one hundred thousand dollars ($100,000); provided, however, where theauthority commences to insure mortgage payments on an "industrial project"defined in subdivision (3)(b) at the same time as it commences to insuremortgage payments on an "industrial project" defined in subdivision (3)(a) itshall have the power to commence insuring mortgage payments on such "industrialproject" defined in subdivision (3)(b) without limitation as to the minimumamount of one hundred thousand dollars ($100,000) provided for herein.
(d) An "industrial project" under the provisions ofsubdivisions (3)(a) and (3)(b) may include a real estate improvement ormachinery and equipment suitable for the abatement or control of industrialpollution to be used in connection with any buildings, real estate improvement,or machinery and equipment; provided, however, that the determinations underthe provisions of subdivisions (3)(a) and (3)(b) of this section need not bemade by the authority.
(4) "Recreational project" means any building, facility,development, or improvement in Rhode Island and the interest of the owner ofsuch building, facility, development, or improvement in and to the land uponwhich it may be located, provided that the owner's interest be in fee simple orbe a leasehold interest in land owned by the state of Rhode Island having aterm expiring not less than ten (10) years after the date of recording themortgage hereinafter defined, and provided the building, facility, development,or improvement is designed in whole or in part to attract tourists to thisstate and including, without limiting in any way the generality of theforegoing, marinas, beaches, bathing facilities, ski facilities, conventionfacilities, hotels, motels, golf courses, camp grounds, arenas, theaters,lodges, guest cottages, and all types of facilities, and furniture and/orfixtures, related thereto as may be determined from time to time by theauthority and which the authority has determined will contribute to the healthand welfare of the people or will tend to improve the economy of the state,increase employment, or provide a wider tax base. A "recreational project" asdefined herein shall cost more than twenty-five thousand dollars ($25,000).
(5) "Industrial pollution" means any gaseous, liquid, orsolid waste substance, or combination thereof, resulting from the operations ofan industry referred to in subdivision (3)(a) of this section, which pollutethe land, water, or air of Rhode Island.
(6) "Local development corporation" means any corporation orfoundation organized and operated primarily for the purposes of fostering,encouraging, and assisting the physical location, settlement, and resettlementof industrial and manufacturing enterprises or recreational enterprise withinthe state or promoting the industry or recreational promotion of the state,including, for recreational purposes, the Rhode Island industrial facilitiescorporation no part of the net earnings of which inures to the benefit of anyprivate shareholder or individual.
(7) "Maturity date" means the date on which the mortgageindebtedness would be extinguished if paid in accordance with periodic paymentsprovided for in the mortgage.
(8) "Mortgage" means for a subdivision (3)(a) or (3)(b)project above a first mortgage or security agreement on an industrial projectcreating and constituting a first lien of record, together with bonds, notes,evidences of indebtedness, or other credit instruments issued by a mortgagor tofinance such project and secured thereby; provided, however, a first mortgageshall include a second or subsequent mortgage or security agreement on anindustrial project if:
(i) The holder of such second or subsequent mortgage orsecurity agreement is also the holder of a prior mortgage or security agreementon such industrial project under which prior mortgage or security agreement theauthority is already insuring mortgage payments and;
(ii) No other person or legal entity holds an interveningmortgage, security interest or lien on such industrial project prior to suchsecond or subsequent mortgage or security interest; and provided further, that"mortgage" shall also mean a second mortgage or security agreement that: (A) isissued by a project owner to a local development corporation; and (B) involvesa principal obligation that does not exceed forty percent (40%) of the cost ofproject. Industrial projects described in subdivisions (3)(a), (3)(b), and(3)(d) may be financed and secured together if the requirements of §42-34-10 are met.
(b) "Mortgage" means for the purpose of a subdivision (4)project above, a first mortgage on a recreational project together with bonds,notes, evidences of indebtedness, or other credit instruments issued by amortgagor to finance such project and secured thereby.
(9) "Mortgagee" means the original lender approved by theauthority under a mortgage, and its successors and assigns and may include allinsurance companies, trust companies, banks, building and loan associations,credit unions, savings and loan associations, investment companies, savingsbanks, local development corporations, individuals, executors, administrators,guardians, conservators, trustees, and other fiduciaries; including pension,retirement and profit-sharing funds; provided, however, that where there hasbeen appointed a trustee under an indenture of trust or other similar documentfor the benefit of the holders of bonds or notes issued to finance anindustrial project secured by a mortgage, "mortgagee" means such trustee. Alocal development corporation can be a second mortgagee only for a subdivision(3)(a) or (3)(b) project above if the second mortgage or security agreement isissued by the project owner to the local development corporation and theprincipal obligation of the second mortgage does not exceed forty percent (40%)of the cost of the project.
(10) "Project owner" means any business entity, other than alocal development corporation, that owns an industrial project.
(11) "Mortgagor" means a local development corporation asdefined herein.
(12) "Mortgage payments" means periodic payments by themortgagor to the mortgagee required by the mortgage, and may include interest,installments of principal, taxes and assessments, land lease rentals, mortgageinsurance premiums and hazard insurance premiums, or any of them as theauthority may prescribe.
