Sec. 05.06.01.03. Definitions

A. In this chapter, the following terms have the meanings indicated.

B. Terms Defined.

(1) "Act" means Housing and Community Development Article, Title 3, Subtitle 2, Annotated Code of Maryland.

(2) "Appraised value" means the value of a property, as determined by a written valuation performed by a certified appraiser.

(3) "Borrower" means the original borrower under a mortgage loan and that borrower's successors and assigns by operation of law or as approved by the Fund.

(4) "Certified appraiser" means a certified general real estate appraiser entitled or qualified to provide real estate appraisal services under Business Occupations and Professions Article, §15.5-101 et seq., Annotated Code of Maryland.

(5) "Claim" means a request by an insured lender for reimbursement for any loss resulting from the occurrence of a default in a mortgage which is insured by the Maryland Housing Fund.

(6) "Condominium" means a multi-unit structure or project, subject to a condominium regime under Real Property Article, Title 11, Annotated Code of Maryland. A multifamily condominium may be comprised of five or more individual units.

(7) "Cooperative" means a multi-unit project operated for the benefit of members or shareholders who occupy the dwelling units in the project under a shareholders' or occupancy agreement.

(8) "Default" means the failure of a borrower to repay the obligation of a note, or otherwise to fully perform according to the terms provided in a deed of trust.

(9) "Department" means the Department of Housing and Community Development of Maryland.

(10) "Director" means the Director of the Division of Housing Credit Assurance of the Department.

(11) "Fund" or "MHF" means the Maryland Housing Fund, an agency within the Division of Housing Credit Assurance and, when appropriate, its authorized officers or personnel.

(12) "Housing Finance Review Committee" means the Housing Finance Review Committee established under Housing and Community Development Article, §4-208, Annotated Code of Maryland.

(13) Insured Lender or Lender.

(a) "Insured lender" or "lender" means the original lender of a mortgage loan and that lender's successors and assigns, by operation of law or as approved by the Fund.

(b) "Insured lender" includes any qualified bank, trust company, savings institution, savings and loan association, national bank association, public agency, insurance company, or other financial institution that makes a loan which the Fund insures in whole or in part.

(14) "Loan" means the delivery by a lender of a sum of money to a borrower, upon agreement that it be repaid.

(15) Mortgage.

(a) "Mortgage" means a written instrument evidencing or creating a lien against real property for the purpose of providing collateral to secure the repayment of a loan.

(b) "Mortgage" includes a deed of trust.

(16) "Multifamily project" or "project" means:

(a) A development of one or more structures containing five or more dwelling units;

(b) Other uses as may be permitted under Regulation .05B of this chapter; and

(c) The real property upon which a development in §B(16)(a) of this regulation is situated.

(17) Nonprofit Entity.

(a) "Nonprofit entity" means any corporation, foundation, or other legal entity, no part of the net earnings of which inures to the benefit of any private shareholder or individual holding an interest in the entity. This includes governmental bodies, local development agencies, and local development corporations.

(b) "Nonprofit entity" does not mean limited dividend corporations as defined in Housing and Community Development Article, §4-220, Annotated Code of Maryland.

(18) "Property" means the land upon which a multifamily project is situated, and all improvements constructed on it, including the rights and benefits of its ownership.

(19) "Public agency" means any board, commission, agency, department, or authority of the State or of any county or municipal corporation, including a county or municipal corporation.

(20) "Secretary" means the Secretary of Housing and Community Development of Maryland.

(21) "Statement of projected net revenues" means a statement of projected net revenues, as those terms are defined in the bond indentures authorizing issuance of the bonds.