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A. "Advancement" means monies paid by the City to a senior creditor to cure any default by the borrower of a rehabilitation loan to that creditor, including amounts in excess of ten thousand dollars.

B. "Foreclosure" means proceedings to sell real property which secures repayment of a debt.

C. "Rehabilitation loan" means any loan extended by the City of Berkeley used to rehabilitate housing, the repayment of which is secured by a deed of trust or other security instrument on real property.

D. "Senior creditor" means any other creditor who is entitled by law to be repaid, prior to the City, out of the proceeds of a sale of property which is security for a rehabilitation loan. (Ord. 5619-NS § 2, 1984)