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<br />8 <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />'-N._""" ..~"'" <br /> <br />,;e.,' "..- r"'r <br /> <br />Mortgage Loan means a Mortgage made and executed for the purpose of <br />Financing Residential Construction, the payment of which is insured by <br />Mortgage Insurance. . <br /> <br />Mortgage Loan Participation Purchase and Servicing Agreement means <br />an agreement which combines the Mortgage Loan Purchase Agreement and the <br />Servicing Agreement. <br /> <br />the Agency, M~~gf:us~~:~ ~~;c~a~~a f~rt~ea~nes L~~d:~r~~~nt~e b~u~~~a:;oo~¡ <br /> <br />Mortgage Loans pursuant to' sub-section (C) of Section 505 of the Resolution, <br />and includes the Sellers' Guide. It also means that part of the Mortgage Loan <br />Participation Purchase and Servicing Agreement related to the above. <br /> <br />Mortgagor means the obligor under a Mortgage Loan who qualifies as <br />a Participating Party under the Act. <br /> <br />Participating Party means any person, corporation, partnership, <br />firm or other entity or group of entities requiring Financing for Residential <br />Construction pursuant to the provisions of the Act. No elective officer of <br />the State or any of its political subdivisions or employee of any <br />redevelopment agency shall be eligible to be a Participating Party. <br /> <br />Participation Certificate means a certificate in the form provided <br />for in the Mortgage Loan Participation Purchase and Servicing Agreement <br />evidencing the ownership interest purchased by the Agency in the Mortgage Loan <br />enumerated therein. <br /> <br />Private Mortgage Insurance means insurance issued by a Mortgage <br />Insurer insuring or guaranteeing, respectively, principal and interest <br />payments on a Mortgage Loan, in whole or in part. <br /> <br />Program means the Residential Mortgage Financing Program or, as the <br />Program is also known~ the Mortgage Loan Program. ' <br /> <br />Project means the Residences being financed directly or indirectly <br />with the proceeds of the Bonds, namely the Santa Ana Intown Housing One <br />Condominiums, involving the development of a 14-acre site between First and <br />Third, and Ross and Flower Streets. as a Condominium Project, or one or more <br />Residential Construction projects with respect to which a Conmitment Contract <br />(and Reservation of Funds) has been approved and executed. <br /> <br />Qualified Mortgage Lender means any state or national bank or trust <br />company, savings and loan association, or mortgage banker authorized to <br />acquire, hold and deal in mortgages and approved by the FNMA or FHLMC as a <br />seller/servicer of mortgages. Such Mortgage Lender shall have a principal <br />office and place of business in the State, shall be authorized to do business <br />in the State, shall be authorized by the Agency to do business with the Agency <br />and to aid in Financing pursuant to the act on behalf of the Agency. ; <br /> <br />3 <br />