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"Event of Default" has the meaning set forth in Section 8.1.
<br />"Foreclosed" As defined by HUD for the purposes of NSP means "A home or
<br />residential property has been foreclosed upon if any of the following conditions apply" (a) The
<br />property's current delinquency status is at least 60 days delinquent under the Mortgage Bankers
<br />of America delinquency calculation and the owner has been notified; (b) the property owner is
<br />90 days or more delinquent on tax payments; (c) under state, local, or tribal law, foreclosure
<br />proceedings have been initiated or completed; or (d) foreclosure proceedings have been
<br />completed and title has been transferred to an intermediary aggregator or servicer that is not an
<br />NSP grantee, contractor, subrecipient, developer, or end user.
<br />"Governmental Authority" means any governmental or quasi governmental
<br />agency, board, bureau, commission, department, court, administrative tribunal or other
<br />instrumentality or authority, and any public utility.
<br />"Hazardous Materials" means flammable materials, explosives, radioactive
<br />materials, hazardous wastes, toxic substances and similar substances and materials, including all
<br />substances and materials defined as hazardous or toxic wastes, substances or materials under any
<br />applicable law, including without limitation the Resource Conservation and Recovery Act, 42
<br />U.S.C. §§ 6901 et sec., and the Comprehensive Environmental Response, Compensation and
<br />Liability Act of 1980, 42 U.S.C. §§ 9601, et seq., as amended.
<br />"HOME" means the HOME Investment Partnership Program (the "HOME
<br />Program ") (42 U.S.C. §12701, et seq.,) to be used in accordance with applicable statutory
<br />requirements and regulations (the "HOME Regulations ") (24 CFR Part 92).
<br />"HUD" means the United States Department of Housing and Urban Development
<br />and any successors or assigns thereof.
<br />"Improvements" means all improvements and fixtures now and hereafter
<br />comprising any portion of the Property, including, without limitation, landscaping, trees and
<br />plant materials; and offsite improvements (including, without limitation, streets, curbs, storm
<br />drains, and adjacent street lighting).
<br />"Indebtedness" of a person means (a) all indebtedness for borrowed money,
<br />(b) notes payable and drafts accepted representing extensions of credit, whether or not
<br />representing obligations for borrowed money, (c) any obligation for the purchase of property or
<br />services in excess of $10,000 in the aggregate that is (i) deferred for more than six (6) months, or
<br />(ii) evidenced by a note or similar instrument, and (d) all recourse and all non - recourse
<br />indebtedness secured by any Lien on any property or asset of such person (whether or not
<br />assumed by such person).
<br />"Indemnitees" has the meaning set forth in Section 14.5 this definition is
<br />actually in Section 14.5]
<br />"Laws" means all statutes, laws, ordinances, regulations, orders, writs,
<br />judgments, injunctions, decrees or awards of the United States or any state, county,
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