Terms Used In California Codes > Public Resources Code > Division 6 > Part 3 > Chapter 1 > Article 2 - Indemnity Land Selections

• Approved lending institution: means a qualified mortgage lender approved by the agency for participation in a program of loan insurance, including those successors and assigns of any such institution as are permitted by the agency. See California Health and Safety Code 51603
• Contract: A legal written agreement that becomes binding when signed.
• Insured loan: means a loan insured pursuant to Chapter 4 (commencing with Section 51650). See California Health and Safety Code 51603
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means any person, firm, association, organization, partnership, business trust, corporation, limited liability company, or company. See California Health and Safety Code 19
• Persons and families of low or moderate income: means "persons and families of low or moderate income" as defined in Section 50093. See California Health and Safety Code 51603
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Single-family residential housing: means an improvement on real estate which is a building or a condominium unit or buildings containing one to four units. See California Health and Safety Code 51603