Laserfiche WebLink
Senior Lender means a bank savings and loan association, insurance <br />company, pension fund, publicly traded real estate investment trust, <br />governmental agency, charitable organization or other governmentally regulated'. <br />entity regularly engaged in making residential real estate loans. <br />Senior loan means a purchase money [can of funds to be used by the <br />Hornebuyferforfinancing the acquisition of the Inclusionary Unit, or a refinancing <br />approved by the City, which loan is in a lien position prior to the Inolus unary <br />Housing Covenants Declaration. <br />Supportable Mortgage means the mortgage amount that can be supported by a <br />Moderate Income Household based on the Affordable Housing Cost calculations: <br />The mortgage calculation is based on the prevailing market interest rate for a 3t7- <br />year fully amortizing mortgage with a fixed interest rate, See Section VI -B of the <br />Administrative Procedures Manual for an explanation of the calculation <br />methodology. <br />Trustee means the title company that insures title for the Inclusionary Unit that is <br />subject to the City Deed of Trust: <br />Trustor means the Trustor that enters into the City Deed of Trust that secures <br />the City Shared Appreciation loan. <br />Inciuslonrny= I =IOUSirxJ Cbvenan[st}ac prat un Paym7 <br />AsSLIMptlon .Agreement Jgwaiy 20 15 <br />32A -131 <br />