Terms Used In Maine Revised Statutes Title 10 Sec. 1025

• Authority: means the Finance Authority of Maine as established by this chapter. See Maine Revised Statutes Title 10 Sec. 963-A
• Eligible project: includes any project, the financing of which through the issuance of revenue obligation securities would result in the interest on the revenue obligation securities qualifying, as of the date of issuance, as tax-exempt under 26 United States Code § 103, as amended. See Maine Revised Statutes Title 10 Sec. 963-A
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Insured: means any individual, partnership, corporation, association or other entity which is the beneficiary of a loan insurance agreement with the authority. See Maine Revised Statutes Title 10 Sec. 963-A
• Lease: means a contract providing for the use of a project or portions of a project for a term of years for a designated or determinable rent. See Maine Revised Statutes Title 10 Sec. 963-A
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lessee: means a tenant under a lease and may include an installment purchaser. See Maine Revised Statutes Title 10 Sec. 963-A
• Loan: means an extension of credit made in consideration of a written promise of repayment or any other conditions that may be established by the authority, performance of which may be secured by mortgage. See Maine Revised Statutes Title 10 Sec. 963-A
• Mortgage: means an agreement granting a lien upon or a security interest in eligible collateral upon certain conditions and includes, but is not limited to, a mortgage of real estate, an assignment of rents, a pledge or a security agreement. See Maine Revised Statutes Title 10 Sec. 963-A
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagor: means the grantor or party giving rights to eligible collateral pursuant to a mortgage and includes the successors or assigns of a mortgagor. See Maine Revised Statutes Title 10 Sec. 963-A
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Municipality: means any municipality as defined in Title 30?A, section 2001, subsection 8. See Maine Revised Statutes Title 10 Sec. 963-A
• Overboard discharge: means the same as set forth in Title 38, section 466, subsection 9?A. See Maine Revised Statutes Title 10 Sec. 963-A
• Project: means any eligible project. See Maine Revised Statutes Title 10 Sec. 963-A
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• security: means a note, bond, interim certificate, debenture or other evidence of indebtedness, including any recovery zone facility bond or qualified energy conservation bond, payment of which is secured by a pledge of revenues, as provided in section 1045?A or 1065, or by assignment or pledge of other eligible collateral. See Maine Revised Statutes Title 10 Sec. 963-A
• Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72