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. . 8 . . Mortgage Loans pursuant to subsection (C) of Section 505 of the Resolution, and includes the Sellers' Guide. Mortgagor means the obligor under a tIortgage Loan who qualifies as a Participating Party under the Act. Participating Party means any person, corporation, partnership, firm or other entity or group of entities requiring Financing for Residential Construction pursuant to the provisions of the Act. No elective officer of the State or any of its political subdivisions or employee of any redevelopment agency shall be eligible to be a Participating Party. Private Mortqaqe Insurance means insurance issued by a Mortgage Insurer insuring or guaranteeing, respectively, principal and interest payments on a Mortgage Loan, in whole or in part. Program means the Residential tIortgage Financing Program. Project means the Res i dences being financed directly or indirectly with the proceeds of the Bonds, namely the Santa Ana Intown Housing One Condominiums, involving the development of a 14-acre site between First and Third, and Ross and Flower Streets as a Condominium Project. Qualified Mortqage Lender means any state or national bank or trust company, savings and loan assoclation, or roortgage banker authorized to acquire, hold and deal in mortgages and approved by the FNMA or FHLMC as a seller/servicer of mortgages. Such Mortgage Lender shall have a principal office and place of business in the State, shall be authorized to do business in the State, shall be authorized by the Agency to do business with the Agency and to aid in Financing pursuant to the act on behalf of the Agency. Redevelopment Project Area means the City of Santa Ana Collmmity Redevelopment Project Area, the Redevelopment Plan for which was approved by the City Council pursuant to Ordinance No. 1173, adopted on July 2, 1973, as amended. Residence means real property improved with a residential structure and located in the Project, the financing of which is or may hereafter be permitted under the Act. Residence includes both condominium dwelling units within a Condominium Project and real property improved with single-family residential structures. Residential Construction means the construction of new Residences meeting the requirements of the Agency's redevelopment plan for the Redevelopment Project Area and of applicable local, State and Federal standards for residential construction, including any higher standards adopted by the Agency for a Redevelopment Project Area or as part of the redevelopment program . 3