1981-040 CRA - Laserfiche WebLink

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pr.oviding for the purchase of the Mortgage Loan Participations and the servicing of the Mortgage Loans. Mortgage Loan Pool means all of the Mortgage L.oans, c.o11ective1y and not as individual Mortgage Loans. Mortgage Loan Pr.ogram means and includes any act or thing done by the Agency, the Trustee, and any Mortgage Lender under the Resolution for the purpose .of providing Financing for Residential Constructi.on including the purchase of Mortgage L.oan Participations and the making of the Loan to Lender in order to accomplish such Financing, for the purposes of alleviating the shortage of, reducing the cost of, and encouraging and assisting Residential Construction. . considered Mortgage Loan Program Account means the Account by that name which is established and created by Secti.on 501. Mortgagor means the obligor under a Mortgage Loan who qualifies as a Participating Party under the Act. Officer's Certificate means a certificate .of the Agency signed by an Auth.orized Officer and filed with the Trustee. Operating Expenses means Special Hazard Insurance premiums, accounting expenses and fees and expenses .of the Trustee and any Paying Agent. Operating Fund means the Fund by that name estab1 ished and created by Section 501. Outstanding, when used with reference to Bonds and as of any particular date, describes all Bonds theretofore and thereupon being delivered, except: (i) any Bond cancelled by the Trustee or any Paying Agent at or before said date; (ii) any Bond for the payment or redemption of which either (a) moneys, equal t.o the principal am.ount or Redemption Price thereof, as the case may be, with interest to the date of maturity or Redemption Date, or (b) Federal Securities or moneys as described and required under the provisions of subsection (B) of Section 1401 shall have theretofore been deposited with the Trustee in trust (whether upon or prior to maturity or the Redemption Date of such Bond) and, except in the case of a B.ond to be paid at maturity, of which notice of redemption shall have been given or provided for in accordance with Article IV; and (iii) any Bond in lieu of or in substitution for which another Bond shall have been delivered pursuant t.o the Resolution. Participating Party means any pers.on, company, c.orporation, partnership, firm or other entity or group of entities requiring Financing for Residential Construction pursuant t.o the provisions of the Act; pr.ovided, however, that no elective .officer of the State or any of its p.o1itica1 subdivisions nor employee of any redevelopment agency shall be eligible to be a Participating Party. 9 . . . . .