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A. The mortgage shall | | security interest in eligible collateral, subject to such | | encumbrances, including, without limitation, coordinate first | liens, as are acceptable to the authority, except that, where | the original principal amount of the mortgage insurance | exceeds $1,000,000, the lien or security interest shall be a | first lien or first security interest |
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| | B. The eligible collateral shall | used or held by or shall | | enterprise; |
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| | C. The mortgage and relatedshall | | provisions satisfactory to the authority pertaining to the | payment of principal and interest and shall | | covenants and other provisions satisfactory to the authority | pertaining to real estate | maintenance, hazardmortgage insurance, | | remedies, transfer or alteration of eligible collateral, | change in management or control of the mortgagor | | and such other matters as the authority may determine; and |
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| | D. Other conditions which may have been | | or by the authority must have been complied with. |
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| | | 3. Mortgage insured loan limitation for small businesses. | Whenever an applicant applies for mortgage insurance under | sections 1026-B and 1026-C or sections 1026-C and 1026-K, the | authority may insure mortgage loans for which the combined | principal amounts of mortgage insurance of both sections do not | exceed $1,100,000. |
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| | | 4.__Ineligible for loan insurance.__The authority may not | | provide loan insurance for the following: |
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| | | A.__Investment real estate; |
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| | | B.__Religious organizations; |
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| | | C.__Fraternal organizations; |
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| | | D.__Residential housing; or |
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| | | 5.__Limitations on loan insurance.__The authority may | | establish a maximum insurance liability for particular sectors by | | rule.__Rules adopted pursuant to this subsection are routine |
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