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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />Section 8.16.020 — Definitions. <br />In construing the provisions of this chapter, the following definitions shall apply: <br />"Agreement" means any written instrument that transfers or conveys title to real property <br />from one owner to another after a sale, trade, transfer or exchange. <br />"Beneficiary" means a lender participating in a real property transaction that holds a secured <br />interest in the real property in question identified in a deed of trust. <br />"Boarded building" means a vacant building or portion of a vacant building whose doors <br />and windows have been covered with plywood or other material for the purpose of preventing entry <br />into the vacant building by persons or animals. <br />"Building" means any structure, including, but not limited to, any commercial, industrial, <br />or assembly structure, approved for occupancy on either a lot of record or within a single project <br />approved by the city pursuant to the city's Development Code or applicable specific plan. <br />"Buyer" means any person, partnership, association, corporation, fiduciary or other legal <br />entity that agrees to transfer anything of value in consideration for real property via an <br />"Agreement." <br />"Chief building official" means manager of the city building division for the city or the <br />designee of the chief building official. <br />"Days" means calendar days. <br />"Deed in lieu of foreclosure" means a recorded instrument that transfers ownership of real <br />property between parties to a particular deed of trust as follows: from the trustor, i.e., borrower, to <br />the trustee upon consent of the beneficiary, i.e., lender. <br />"Deed of trust" means an instrument whereby an owner of real property, as trustor, transfers <br />a secured interest in the real property in question to a third party trustee, said instrument relating to <br />a loan issued in the context of a real property transaction. This definition applies to any and all <br />subordinate deeds of trust, i.e., second trust deed, third trust deed, etc. <br />"Default" means the material breach of a legal or contractual duty arising from or relating <br />to a deed of trust, such as a trustor's failure to make a payment when due. <br />28 II "Distressed" means any building, structure or real property that is subject to a current notice <br />23152.06000\24600698.2 <br />-5- <br />