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SAN LEANDRO ADMINISTRATIVE CODE TITLE 26 REDEVELOPMENT AGENCY Chapter 2 Rules and Regulations-1981 Residential Mortgage Revenue Bonds amended from time to time by the City, and any applicable state or federal standards for residential construction. &26.2.135: MORTGAGE _ LOAN. "Mortgage Loan" means a loan of moneys made pursuant to the Program to a Participating Party to finance the purchase of property, which loan is evidenced by a note, secured by a deed of trust and insured or guaranteed, in whole or in part, by any instrumentality of the United States or of the State of California, or by any person licensed to insure mortgage loans in this State. &26.2.140: OWNER PARTICIPATION AGREEMENT. "Owner Participation Agreement" means the agreement, dated as of February 23, 1981, by and between the Developer and the Agency, providing for the construction of 164 Properties. &26.2.145: PARTICIPATING PARTY. "Participating Party" means any Person receiving financing for Property pursuant to the Program. No elective officer of the state or any of its political subdivisions or employee of any redevelopment agency shall be eligible to be a Participating Party. &26.2.150: PERSON. "Person" means an individual, corporation, firm, association, partnership, trust or other legal entity or any agency or political subdivision thereof. &26.2.155: PROGRAM. "Program" means, the Agency's program of making Mortgage Loans pursuant to the Resolution, the Act, and these Rules and Regulations. &26.2.160: PROPERTY. "Property" means a residential condominium dwelling unit constructed in accordance with and pursuant to the Owner Participation Agreement. &26.2.165: REDEVELOPMENT PROJECT AREA. "Redevelopment Project Area" means those project areas currently or hereafter designated by a redevelopment plan as plans adopted in accordance with the Community Redevelopment Law (commencing with Section 33750, of Part 1 of Division 24 of the California Health and Safety Code). &26.2.170: RESIDENT HOMEBUYER. "Resident Homebuyer" means any person who, on the date of purchase of Property, is a legal resident of the City of San Leandro or is employed in a permanent full-time position in the City of San Leandro and does not own and has never owned a principal residence for his or her own use in any location. &26.2.175: RESOLUTION. "Resolution" means the resolution providing for the issuance of the Redevelopment Agency of the City of San Leandro 1981 Residential Mortgage Revenue Department Responsible for Revision: Redevelopment Agency 11/20/2006 Chapter 26.2 Page 2