reglab/housing_qa huggingface dataset:
CA Civ Code § 1917.030 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 3 - Terms and Conditions|Section 1917.030.

1917.030.  Lenders may make shared appreciation loans pursuant to this chapter for the purchase of real property improved with one- to four-family dwelling units, including structures ancillary to such dwelling units and including attached single-family dwelling units, single-family mobilehome units placed upon permanent foundations, residential condominium units and dwelling units within a planned unit development. Shared appreciation loans shall be made to finance only owner-occupied dwelling units, but in the case of two- to four-unit dwellings financed under this chapter only one of the units need be owner-occupied. The original recipient of a shared appreciation loan shall certify in writing to the lender that he or she will occupy the security property as his or her principal residence, provided that failure to so occupy the security property shall not void a shared appreciation loan, but at the option of the lender the loan may be accelerated in accordance with the terms and conditions provided in the shared appreciation loan. All shared appreciation loans shall be originated by the lender on behalf of a pension fund which is subject to the Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829), pursuant to a prior written commitment to purchase the loan.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.031 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 3 - Terms and Conditions|Section 1917.031.

1917.031.  A shared appreciation loan shall include the following terms and conditions:(a) The term of the loan, excluding refinancing under Section 1917.033, shall be at least seven years, but not more than 30 years.(b) The repayment schedule for the loan, excluding refinancing under Section 1917.033, shall be cast so that full amortization of the principal amount of the loan would occur in 30 years, regardless of the actual term of the loan. Any principal balance remaining at maturity shall be due and payable at that time, unless refinanced as provided in Section 1917.033. Monthly installment payments shall be equal in amount and in addition to amortization of principal, shall include fixed interest pursuant to subdivision (d).(c) The loan shall be secured by a deed of trust or mortgage on the real property financed.(d) The loan shall bear interest at a fixed rate, which shall be one-third below the prevailing rate in effect 90 days prior to the loan closing, or at another date between that date and the loan closing if mutually agreed by the lender and borrower.(e) The borrower shall additionally be obligated to pay contingent deferred interest in the amount of one-third of the net appreciated value of the real property which secures the loan, at the time the property is sold (including a sale pursuant to a land sale contract), when title is transferred, other than a transfer specified in Section 2924.6, when a lease with an option to purchase is entered into, when a partnership is formed which in effect transfers the beneficial ownership to another person, when a trust is created which affects title to the property, upon a judicial or nonjudicial foreclosure sale, at the time the loan is prepaid in full, or upon the maturity of the loan, whichever first occurs.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.032 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 3 - Terms and Conditions|Section 1917.032.

1917.032.  (a) The borrower shall have the right to prepay, at any time, in full or in part, the principal loan balance of the shared appreciation loan, together with accrued interest, including deferred contingent interest.(b) Nothing in this chapter shall prevent a borrower from obligating himself or herself, by an agreement in writing, to pay a prepayment charge, as authorized by this section, upon prepayment of the loan, in full or in part, within five years of the date of execution of the shared appreciation loan.(c) Any prepayment charge imposed upon the prepayment of a shared appreciation loan shall not exceed the amount authorized and specified in subdivision (b) of Section 2954.9.(d) No prepayment charge shall be imposed as to any portion of the contingent deferred interest.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.033 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 3 - Terms and Conditions|Section 1917.033.

1917.033.  (a) If the shared appreciation loan is not prepaid in full or the real property securing the loan is not sold or transferred prior to maturity of the loan, the lender shall offer to the original borrower refinancing of the unpaid balance of the loan and all contingent deferred interest.(b) The term of the refinancing loan shall be at least 30 years from the date of the refinancing, provided that if the interest rate of the refinancing loan is not adjustable or variable during the term of such loan, the loan may contain a call provision giving the lender an option to accelerate the principal loan balance making it, together with accrued interest, payable in full at a date specified in the shared appreciation loan, which shall be no earlier than seven years following the date of refinancing under this section. If such a call provision is included in the refinancing loan, a concise description thereof shall be included in upper case print in the disclosures on refinancing required by Section 1917.071.(c) The interest rate for the refinancing loan shall not exceed the prevailing rate existing at maturity of the shared appreciation loan.(d) The lender may require as a condition of the refinancing loan that it be secured by a deed of trust or mortgage of first priority on the property financed.(e) The terms and conditions of refinancing pursuant to this section shall be specified in the shared appreciation loan, shall be a part of the shared appreciation loan contract, and shall be subject to the applicable laws in effect on the date of execution of the shared appreciation loan. The refinancing shall be fully amortizing and the interest rate may be either fixed or adjustable as permitted by law for home financing offered by banks or savings and loan associations doing business in this state to the public for financing housing similar to the borrower’s property, provided that nothing in this section shall preclude such other lawful refinancing terms as may be mutually acceptable to the borrower and lender. If the lender offers more than one form of refinancing, the borrower may select from among the types of refinancing offered by the lender.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.034 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 3 - Terms and Conditions|Section 1917.034.

1917.034.  Nothing in this chapter shall preclude the borrower from obtaining any other financing, in lieu of the refinancing provided for in Section 1917.033, including refinancing on other terms that are mutually agreeable to the borrower and lender.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.040 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 4 - Annual Appraisals|Section 1917.040.

1917.040.  The fair market value of the real property securing a shared appreciation loan shall be determined annually as provided in this article. The lender shall select an independent appraiser annually to perform an appraisal of the property subject to a shared appreciation loan. The appraisal shall be performed within 30 days preceding the anniversary date of the loan and a copy of the current appraisal shall be sent by first-class mail to the borrower no later than five days following the anniversary date of the loan, together with a notice informing the borrower that the appraisal will constitute a final and conclusive determination of the value of the property for certain purposes and that if the borrower disputes the amount of the appraisal, the borrower may procure an independent appraisal as provided in Section 1917.041. The lender may require the borrower to pay for the cost of the appraisal.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.041 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 4 - Annual Appraisals|Section 1917.041.

1917.041.  If the borrower disputes the amount of the appraisal, the borrower, within 30 days of the anniversary date of the loan, may procure an appraisal of the property at the borrower’s expense by a qualified independent appraiser, and a copy of the appraisal shall be sent by first-class mail to the lender within the 30-day period.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.042 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 4 - Annual Appraisals|Section 1917.042.

1917.042.  If the appraisal by the appraiser selected by the borrower is lower in amount than the appraisal by the appraiser selected by the lender, the amount to be used to calculate the annual adjustment shall be one-half of the sum of the two appraisals.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.043 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 4 - Annual Appraisals|Section 1917.043.

1917.043.  The appraisal amount, as determined pursuant to Section 1917.040 if the borrower does not dispute the appraisal amount, or 1917.042 if the borrower disputes the appraisal amount, shall constitute the value of the property from and after the anniversary date of the loan for the purpose of determining the property’s adjusted fair market value under Section 1917.020.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.044 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 4 - Annual Appraisals|Section 1917.044.

1917.044.  The qualifications of the appraisers may be specified by the terms of the shared appreciation loan for purposes of this article and Article 5 (commencing with Section 1917.050).(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.050 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 5 - Improvements|Section 1917.050.

1917.050.  The borrower may have the cost of capital improvements to the security property completed within any 12-month period, and with an appraised value in excess of two thousand five hundred dollars ($2,500), added to the borrower’s cost of the property, for purposes of determining the contingent deferred interest, but only if the procedures set forth in this article are followed.(a) Within 60 days following the completion of the improvements, the borrower shall send by first-class mail a notice of the completion of the improvements to the lender and shall submit proof of cost of the improvements.(b) Within 90 days following the completion of the improvements, the lender shall select an appraiser to perform an appraisal to determine the increase in value of the property, if any, by reason of the improvements. A copy of the appraisal shall be sent by first-class mail to the borrower, together with a notice informing the borrower that the appraisal will constitute a final and conclusive determination of the increase in the value of the property by reason of the improvement for purposes of computing the net appreciated value of the property, and that if the borrower disputes the amount of the appraisal, the borrower may procure an independent appraisal as provided in subdivision (c). The lender may require the borrower to pay for the cost of the appraisal.(c) If the borrower disputes the amount of the appraisal, the borrower, within 120 days of the completion of the improvements, may secure at borrower’s expense, a qualified, independent appraiser to perform an appraisal to determine the increase in value of the property, if any, by reason of the improvements, and a copy of the appraisal shall be sent by first-class mail to the lender within that period of time.(d) If the appraisal of the appraiser selected by the borrower is greater in amount than the appraisal by the appraiser selected by the lender, the amount of the appraisal, for the purposes of this section, shall be one-half of the sum of the two appraisals.(e) The lesser of the borrower’s actual cost or the appraised increase in the value of the property by reason of the improvements shall be available as a credit to the buyer for purposes of determining net appreciated value, except as provided in subdivision (f).(f) If 50 percent or more of the value of the labor or other work on the improvements was performed by the borrower, then the appraised increase in the value of the property by reason of the improvements shall be the cost of capital improvements for purposes of establishing the credit under this section.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.060 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.060.

1917.060.  The relationship of the borrower and the lender, as to a shared appreciation loan, is that of debtor and creditor and shall not be, or be construed to be, a joint venture, equity venture, partnership, or other relationship.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.061 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.061.

1917.061.  Any waiver of any right of a borrower under the provisions of this chapter shall be void and unenforceable.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.062 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.062.

1917.062.  (a) Notwithstanding Section 711, a provision in a shared appreciation loan (not including the refinancing obligation) permitting the lender to accelerate the maturity date of the principal and accrued interest on the loan upon a sale or other transfer of the property, as specified in subdivision (e) of Section 1917.031, shall be valid and enforceable against the borrower, except as may be precluded by Section 2924.6.(b) The Legislature finds and declares that potential exposure to liability for enforcement of a “due-on-sale” clause consistent with Section 711, as interpreted by the courts, makes use of such a provision impractical. Moreover, the additional risks to the lender inherent in shared appreciation financing are greater with longer loan terms (which are more desirable from the standpoint of housing affordability), but this risk is reduced with an enforceable “due-on-sale” clause. Therefore, in order to facilitate shared appreciation financing, it is necessary to establish the exception specified in subdivision (a).(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.063 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.063.

1917.063.  This chapter facilitates the making of shared appreciation financing in this state which conforms to the provisions of this chapter. The terms and conditions of any shared appreciation loan made pursuant to this chapter shall be consistent with this chapter. This chapter does not, however, apply to or limit shared appreciation financing of real property of a type specified in Section 1917.030 that is made pursuant to other provisions of law, or which is not otherwise unlawful. Nothing in this chapter shall be construed to in any way affect shared appreciation financing of commercial property or residential property not meeting the criteria specified in Section 1917.030.Nothing in this chapter precludes a pension fund specified in Section 1917.030 from providing shared appreciation financing pursuant to Chapter 5 (commencing with Section 1917.110) or any other provision of law, or which is not otherwise unlawful.(Repealed and added by Stats. 1982, Ch. 1346, Sec. 5. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.064 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.064.

1917.064.  A shared appreciation loan shall not be subject to any provision of this code or the Financial Code which limits the interest rate or change of interest rate of variable, adjustable, or renegotiable interest instruments, or which requires particular language or provisions in security instruments securing variable, adjustable, or renegotiable rate obligations or in evidences of such debts.This section is declaratory of existing law.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.065 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.065.

1917.065.  The lien of a deed of trust securing a shared appreciation loan shall include and secure the principal amount of the shared appreciation loan, and all interest, whether accrued or to be accrued, including all amounts of contingent deferred interest.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.066 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.066.

1917.066.  The lien of a shared appreciation loan, including the principal amount and all interest, whether accrued or to be accrued, and all amounts of contingent deferred interest, shall attach from the time of the recordation of the deed of trust securing the loan, and the lien, including the lien of the interest accrued or to be accrued and of the contingent deferred interest, shall have priority over any other lien or encumbrance affecting the property secured by the shared appreciation instrument which is recorded after the time of recordation of the shared appreciation instrument. However, nothing in this section or Section 1917.165 shall preclude a junior lien or encumbrance subordinate to the obligation of the shared appreciation loan.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.067 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.067.

1917.067.  Lenders shall be exempt from the usury provisions of Article XV of the California Constitution with respect to shared appreciation loans made pursuant to this chapter.This section is declaratory of existing law.(Amended by Stats. 1983, Ch. 557, Sec. 1. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.068 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.068.

1917.068.  The qualification requirements of Sections 25110, 25120, and 25130 of the Corporations Code shall not apply to a shared appreciation loan, provided (1) the loan obligation is evidenced by one promissory note secured by a deed of trust which is not one of a series of notes secured by interests in the same real property and (2) the loan obligation is not evidenced by fractional undivided interests in one promissory note secured by interests in the same real property.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)
CA Civ Code § 1917.069 (2021)
2021 California Code|Civil Code - CIV|DIVISION 3 - OBLIGATIONS|PART 4 - OBLIGATIONS ARISING FROM PARTICULAR TRANSACTIONS|TITLE 4 - LOAN|CHAPTER 4 - Shared Appreciation Loans of E.R.I.S.A. Pension Funds|ARTICLE 6 - General Provisions|Section 1917.069.

1917.069.  The aggregate amount of any fee charged to the borrower for processing an application and preparing any necessary documents in connection with originating a shared appreciation loan shall not exceed the reasonable cost of providing the service. No prepaid interest shall be charged to the borrower, but nothing in this chapter shall preclude a lender from requiring a fee for providing commitments for shared appreciation loans to builders or others who will not be the ultimate borrower.(Repealed and added by Stats. 1982, Ch. 466, Sec. 11. Inoperative January 1, 1990, by Stats. 1982, Ch. 466, Sec. 11.5.)