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<br />. <br /> <br />. <br /> <br />. <br /> <br />but are not limited to, the following: <br /> <br />a. <br /> <br />Approval or disapproval of loan applicants. <br /> <br />b. <br /> <br />Execution, on behalf of the Agency, of loan agreements, <br />loan escrow instructions, acceptances of deeds of trust, <br />loan disbursement authorizations, amendments to loan <br />agreements and promissory notes, and other documents <br />pertaining to such loans. <br /> <br />3. The Executive Director of the Agency, or his or her <br />designated representative, is further authorized to take such <br />action on behalf of the Agency as the said Executive Director deems <br />appropriate to protect the Agency's security for its housing loans <br />in the event of foreclosure of senior deeds of trust or other <br />liens, or in the event of default on a promissory note or deed of <br />trust to the Agency as beneficiary. The actions hereby authorized <br />include, but are not limited to, the following: <br /> <br />a. <br /> <br />Initiating foreclosure proceedings; <br /> <br />b. <br /> <br />Bidding at a foreclosure sale in an amount sufficient to <br />protect the Agency's security interest; <br /> <br />c. <br /> <br />Purchasing a senior note and deed of trust or other lien; <br /> <br />d. <br /> <br />Acquiring property through foreclosure or deed in lieu of <br />foreclosure; <br /> <br />provided, however, the Executive Director may determine not to take <br />any of the above actions when in the Executive Director's opinion <br />such actions would be financially infeasible or would be counter <br />productive to the interests or objectives of the Agency. <br /> <br />4. The Executive Director, or his or her designated <br />representative, is further authorized to provide reasonable <br />relocation assistance to persons who are required to vacate <br />premises due to the acquisition of property by the Agency through <br />actions taking by the Executive Director pursuant to section 3 <br />hereinabove, on terms and conditions designed to assure such <br />property is vacated. Nothing herein shall be construed to provide <br />such persons with a claim for relocation benefits not otherwise <br />available to them under state law. <br /> <br />5. The expenditure of Agency funds herein authorized is <br />limited to those funds which have been duly appropriated for the <br />implementation of the Agency's residential loan programs. <br /> <br />6. All previous actions of the Executive Director and his or <br />her designated representatives in the implementation of the <br />residential loan programs are hereby approved and ratified. <br /> <br />2 <br />