1980-077 CRA - Laserfiche WebLink

Home Browse Search

. . 8 . . of Funds) and each purch ase Mortgage Commitment Contract means the Commitment Contract (and Reservation by and among the Agency, the Trustee, the Qualified Mortgage Lender developer of each Project whereby the Agency commits funds to and the developer and Qual ified Mortgage Lender agree to provide Loans for purchase by the Trustee on behalf of the Agency. Condominium Project means the entire parcel of real property divided, or to be divided, pursuant to Section 1350, et seq., of the Civil Code of the State into condominium Residences (as a condominium is defined in Section 783 of the Civil Code óf the State), including all structures thereon. Construction Standards means the applicable standards Residential Construction adopted by the Agency as part of its Program. .f.!J!:!1£ means the Federal Home Loan Mortgage Corporation or other agency or instrumental ity of the United States to which the powers of the Federal Home Loan Mortgage Corporation have been transferred. for Financinq means the lending of moneys or any other th ing of value for the purpose of facil itating Residential Construction pursuant to the Act and inc 1 udes the mak ing of Mortgage Loans to purch asers of newly constructed Residences and the purchase, servicing and selling of Mortgage Loans. ~ means the Federal National Mortgage Association. Instructions, rules of practice and guidelines mean all handbooks, guides, rules, manuals or other materials of whatever nature adopted by the Agency with respect to the Program, and includes, but is not limited to, the Mortgage Loan Purchase Agreement, the Sellers' Guide, the Servicing Agreement and the Servicers' Guide. Law means the Community Redevelopment Law (Part 1, conmencing with Section 33000, of Division 24 of the Health and Safety Code of the State), as now enacted and as hereafter amended. Mortqaqe means a deed of trust or other instrument wh ich constitutes a lien in the State on real property and improvements thereon, together with a promissory note or similar interest bearing obligation made by a Mortgagor and secured by such alien on real property located within the Projects and improved or to be improved by a Residence. Mortqaqe I nsurer means any person 1 i censed to insure Mortgages in the State. Mortgage Loan means a Mortgage made and executed for the purpose of Financing Residential Construction, the payment of which is insured by Mortgage Insurance. Mortgage Loan Purchase Agreement means an agreement by and alOOng the Agency, the Trustee, and a Qualified Mortgage Lender for the purchase of 2 ----.J