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"Foreclosed" A property "has been foreclosed upon" at that point that, under state <br />or local law, the mortgage or tax foreclosure is complete and the title has been transferred <br />away from the former property owner. A property is not foreclosed until the title for the <br />property has been transferred from the former property owner under a foreclosure <br />proceeding or a transfer in lieu of foreclosure, in accordance with state or local law. A <br />Deed in Lieu of Foreclosure or property sold at auction can also be considered <br />"foreclosed". <br />"Hazardous Materials" means flammable materials, explosives, radioactive <br />materials, hazardous wastes, toxic substances and similar substances and materials, <br />including all substances and materials defined as hazardous or toxic wastes, substances or <br />materials under any applicable law, including without limitation the Resource <br />Conservation and Recovery Act, 42 U.S.C. §§ 6901 et seq., and the Comprehensive <br />Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. §§ 6901, et <br />seq., as amended. <br />"Housing Rehabilitation Standards" NSP funded activities will adhere to the <br />Housing Rehab Standards (attached hereto and incorporated herein as Exhibit C). This <br />standard exceeds the HUD Housing Quality Standards. The Standards shall correct <br />housing deficiencies and address items deemed essential for basic health, safety, and <br />welfare. All work shall meet the Uniform Building Code (UBC), Uniform Plumbing <br />Code (UPC), Uniform Mechanical Code (UMC), National Electric Code (NEC) as <br />amended periodically. <br />"HUD" means the United States Department of Housing and Urban Development <br />and any successors or assigns thereof. <br />"Lien" means any lien, mortgage, pledge, security interest, charge or <br />encumbrance of any kind (including any conditional sale or other title retention <br />agreement, any lease in the nature thereof, and any agreement to give any lien or security <br />interest). <br />"Median Income for the Area" means the median income for the Orange <br />County, California PMSA as most recently determined by HUD. Also may be referred to <br />interchangeably in this Agreement as "Area Median Income" or "AMI". <br />"Neighborhood Stabilization Program" (NSP) has the meaning set forth in the <br />Recitals above. <br />"Neighborhood Stabilization Program (NSP) Regulations" has the meaning <br />set forth in the Recitals above. <br />"NSP Assisted Units" shall mean those rental units purchased and rehabilitated <br />on Eligible Properties which are subject to the term of affordability. <br />3 <br />