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"Foreclosed" A property "has been foreclosed upon" at that point that, under state <br /> <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 sec., 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 /> 25K-39 <br /> <br />