equipment in nursing homes

equipment in nursing homes Sec. 314. Section 232 of the National Housing Act is amended— (1) by striking out subsection (b)(2) and inserting in lieu thereof the following: “(2) the term ‘mortgage’ means a first mortgage on real estate in fee simple, or on the interest of either the lessor or lessee there- of (A) under a lease for not less than ninety-nine years which is renewable, or (B) under a lease having a period of not less than fifty years to run from the date the mortgage was executed. The term ‘first mortgage’ means such classes of first liens as are commonly given to secure advances (including but not limited to advances during construction) on, or the unpaid purchase price of, real estate, under the laws of the State in which the real estate is located, together with the credit instrument or instruments, if any, secured thereby, and any mortgage may be in the form of one or more trust mortgages or mortgage indentures or deeds of trust, securing notes, bonds, or other credit instruments, and, by the same instrument or by a separate instrument, may create a security interest in initial equipment, whether or not attached to the realty. The term ‘mortgagor’ shall have the meaning set forth in section 207 (a) of this Act.”; (2) by striking out so much of subsection (d) as precedes paragraph (1) and inserting in lieu thereof the following: 82 Stat. 512 “(d) In order to carry out the purposes of this section, the Secretary is authorized to insure any mortgage which covers a new or rehabilitated nursing home, including equipment to be used in its operation, subject to the following conditions:”; and (3) by striking out “when the proposed improvements are completed” before the period at the end of subsection (d)(2) and inserting in lieu thereof the following: “, including equipment to be used in the operation of the nursing home, when the proposed improvements are completed and the equipment is installed ”.