California Code of Regulations
Title 25 - Housing and Community Development
Division 1 - Housing and Community Development
Chapter 7 - Department of Housing and Community Development Programs
Subchapter 13 - Mobile Home Park Resident Ownership Program
Article 4 - Program Operations
Section 8022 - Transaction Documents

(a) Applicants shall submit all legal documents related to the conversion or operation of the project for department review and approval.

(b) The department shall prepare and execute standard loan agreements with applicants who receive loan commitments pursuant to Section 8016 (c). The standard agreement shall specify the terms and conditions which govern the loans and shall require the subsequent execution of conversion agreements, regulatory agreements, notes, and other instruments securing the department's interest.

(c) The department may enter into conversion agreements with borrowers who receive conversion loans and may required other entities who have a vested interest in the projects to be a party to the agreements. The conversion agreements shall specify the terms and conditions governing the use of conversion loan funds and the funding of blanket and individual loans.

(d) The department shall enter into regulatory agreements with borrowers who receive conversion or blanket loans and may require other entities who have a vested interest in the projects to be a party to the agreements. The regulatory agreements shall specify the terms and conditions governing the management and operations of the project and the program of assistance for low-income residents. For a qualifying nonprofit housing sponsor or local public entity, a regulatory agreement shall include but not be limited to provisions that regulate occupancy, rents, and park operations.

(e) Borrowers shall execute promissory notes and deeds of trust and/or other instruments securing state loans as required by the department. The form and content of these documents shall ensure that the loans are adequately secured.