State Codes and Statutes

Statutes > California > Civ > 1917.020

CIVIL CODE
SECTION 1917.020



1917.020.  For purposes of this chapter:
   (a) "Adjusted fair market value" means all of the following:
   (1) The net sale price, in the case of a bona fide sale made in
good faith prior to the maturity date of the shared appreciation
loan, but excluding any sale upon a foreclosure or trustee's sale
pursuant to Section 726 of the Code of Civil Procedure or Section
2924.
   (2) In all other cases, the amount of value of the property
specified in the most recent annual appraisal performed pursuant to
Section 1917.040 or 1917.042.
   (b) "Borrower's cost of the property" means the total cost to the
borrower incident to the purchase of the property, including
documentary transfer taxes, escrow and recording fees, and title
insurance premiums.
   (c) "Contingent deferred interest" means the sum resulting upon
multiplying the net appreciated value by one-third.
   (d) "Cost of capital improvements" means the amount of the credit,
if any, determined pursuant to Article 5 (commencing with Section
1917.050).
   (e) "Lender" means any person who makes a shared appreciation loan
on behalf of a pension fund specified in Section 1917.030.
Subsequent to an assignment of a shared appreciation loan to a
pension fund pursuant to Section 1917.030, "lender" shall mean the
pension fund assignee (or any subsequent assignee) and its agents
designated to service the shared appreciation loan.
   (f) "Net appreciated value" means the adjusted fair market value
less the sum of the borrower's cost of the property and the cost of
capital improvements.
   (g) "Net sale price" means the gross sale price less expenses of
sale actually paid by the borrower, including real estate
commissions, advertising, documentary transfer taxes, legal, escrow
and recording fees, and title insurance premiums.
   (h) "Prevailing rate" means the weighted average yield accepted by
the Federal National Mortgage Association in its most recent free
market system auction for four-month conventional mortgage
commitments or, if the Federal National Mortgage Association alters
its free market system auction, then the system which is adopted by
the Federal National Mortgage Association which substantially
replaces or supersedes the present free market system auction for
four-month commitments, or if no auction or equivalent thereof has
been conducted within the six months immediately preceding the date
the application for a shared appreciation mortgage loan is executed,
the weighted average cost of funds for the 11th District Savings and
Loan Associations as computed by the Federal Home Loan Bank of San
Francisco.
   (i) "Shared appreciation loan" means any loan made pursuant to
this chapter upon the security of owner-occupied real property of a
type specified in Section 1917.030, and in connection with which the
lender has a right to receive a share of the appreciation in the
value of the security property. "Shared appreciation loan" includes a
deed of trust and any evidence of debt issued in connection with the
loan.

State Codes and Statutes

Statutes > California > Civ > 1917.020

CIVIL CODE
SECTION 1917.020



1917.020.  For purposes of this chapter:
   (a) "Adjusted fair market value" means all of the following:
   (1) The net sale price, in the case of a bona fide sale made in
good faith prior to the maturity date of the shared appreciation
loan, but excluding any sale upon a foreclosure or trustee's sale
pursuant to Section 726 of the Code of Civil Procedure or Section
2924.
   (2) In all other cases, the amount of value of the property
specified in the most recent annual appraisal performed pursuant to
Section 1917.040 or 1917.042.
   (b) "Borrower's cost of the property" means the total cost to the
borrower incident to the purchase of the property, including
documentary transfer taxes, escrow and recording fees, and title
insurance premiums.
   (c) "Contingent deferred interest" means the sum resulting upon
multiplying the net appreciated value by one-third.
   (d) "Cost of capital improvements" means the amount of the credit,
if any, determined pursuant to Article 5 (commencing with Section
1917.050).
   (e) "Lender" means any person who makes a shared appreciation loan
on behalf of a pension fund specified in Section 1917.030.
Subsequent to an assignment of a shared appreciation loan to a
pension fund pursuant to Section 1917.030, "lender" shall mean the
pension fund assignee (or any subsequent assignee) and its agents
designated to service the shared appreciation loan.
   (f) "Net appreciated value" means the adjusted fair market value
less the sum of the borrower's cost of the property and the cost of
capital improvements.
   (g) "Net sale price" means the gross sale price less expenses of
sale actually paid by the borrower, including real estate
commissions, advertising, documentary transfer taxes, legal, escrow
and recording fees, and title insurance premiums.
   (h) "Prevailing rate" means the weighted average yield accepted by
the Federal National Mortgage Association in its most recent free
market system auction for four-month conventional mortgage
commitments or, if the Federal National Mortgage Association alters
its free market system auction, then the system which is adopted by
the Federal National Mortgage Association which substantially
replaces or supersedes the present free market system auction for
four-month commitments, or if no auction or equivalent thereof has
been conducted within the six months immediately preceding the date
the application for a shared appreciation mortgage loan is executed,
the weighted average cost of funds for the 11th District Savings and
Loan Associations as computed by the Federal Home Loan Bank of San
Francisco.
   (i) "Shared appreciation loan" means any loan made pursuant to
this chapter upon the security of owner-occupied real property of a
type specified in Section 1917.030, and in connection with which the
lender has a right to receive a share of the appreciation in the
value of the security property. "Shared appreciation loan" includes a
deed of trust and any evidence of debt issued in connection with the
loan.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Civ > 1917.020

CIVIL CODE
SECTION 1917.020



1917.020.  For purposes of this chapter:
   (a) "Adjusted fair market value" means all of the following:
   (1) The net sale price, in the case of a bona fide sale made in
good faith prior to the maturity date of the shared appreciation
loan, but excluding any sale upon a foreclosure or trustee's sale
pursuant to Section 726 of the Code of Civil Procedure or Section
2924.
   (2) In all other cases, the amount of value of the property
specified in the most recent annual appraisal performed pursuant to
Section 1917.040 or 1917.042.
   (b) "Borrower's cost of the property" means the total cost to the
borrower incident to the purchase of the property, including
documentary transfer taxes, escrow and recording fees, and title
insurance premiums.
   (c) "Contingent deferred interest" means the sum resulting upon
multiplying the net appreciated value by one-third.
   (d) "Cost of capital improvements" means the amount of the credit,
if any, determined pursuant to Article 5 (commencing with Section
1917.050).
   (e) "Lender" means any person who makes a shared appreciation loan
on behalf of a pension fund specified in Section 1917.030.
Subsequent to an assignment of a shared appreciation loan to a
pension fund pursuant to Section 1917.030, "lender" shall mean the
pension fund assignee (or any subsequent assignee) and its agents
designated to service the shared appreciation loan.
   (f) "Net appreciated value" means the adjusted fair market value
less the sum of the borrower's cost of the property and the cost of
capital improvements.
   (g) "Net sale price" means the gross sale price less expenses of
sale actually paid by the borrower, including real estate
commissions, advertising, documentary transfer taxes, legal, escrow
and recording fees, and title insurance premiums.
   (h) "Prevailing rate" means the weighted average yield accepted by
the Federal National Mortgage Association in its most recent free
market system auction for four-month conventional mortgage
commitments or, if the Federal National Mortgage Association alters
its free market system auction, then the system which is adopted by
the Federal National Mortgage Association which substantially
replaces or supersedes the present free market system auction for
four-month commitments, or if no auction or equivalent thereof has
been conducted within the six months immediately preceding the date
the application for a shared appreciation mortgage loan is executed,
the weighted average cost of funds for the 11th District Savings and
Loan Associations as computed by the Federal Home Loan Bank of San
Francisco.
   (i) "Shared appreciation loan" means any loan made pursuant to
this chapter upon the security of owner-occupied real property of a
type specified in Section 1917.030, and in connection with which the
lender has a right to receive a share of the appreciation in the
value of the security property. "Shared appreciation loan" includes a
deed of trust and any evidence of debt issued in connection with the
loan.