Section 23Republic Act No. 6758, otherwise known as the Salary Standardization Law, and from other laws, rules and regulations on salaries and compensations; and to establish a Provident Fund and determine the , Sec./Art. 23

Definitions. - As used in this Act, and unless the context requires, the term:

(a) "Bond guaranty coverage" refers to the type of guaranty coverage which entitles the guaranteed entity to a claim payment in the form of debenture bonds upon call on the guaranty.

(b) "Builder/Developer" refers to the person or entity who develops raw lands for housing;

(c) "Cash guaranty coverage" refers to the type guaranty coverage which entitles the guaranteed entity to cash payment upon call on the guaranty.

(d) "Development loan" pertains to a type of loan the proceeds of which shall be used for housing subdivision development or construction of residential houses;

(e) "Guaranty premium" refers to the fee to be charged by the Corporation for the extension of the guaranty;

(f) "Housing finance" refers to the comprehensive funds flow system covering the entire housing provision cycle from identification of financial requirements, fund sourcing for various aspects of housing program, such as lot acquisition, development and construction, to end buyers financing;

(g) "Maturity date" means the date on which the mortgage indebtedness would be extinguished if paid in accordance with the periodic payments provided for in the mortgage;

(h) "Mortgage" shall mean a first mortgage on real estate in fee simple, or in the interest of either the lessor or the lessee thereof under a lease for not less than twenty (20) years to run from the date the mortgage was executed, upon which there is located or upon which there is to be constructed a building or buildings designed principally for residential used; and the term "first mortgage" means such classes of first classes are commonly given to secure advances on, or the unpaid purchase ,price of, real estate, together with the credit instruments, if any secured thereby, and may be in the form of bonds, notes, stocks and mortgage and asset-backed securities, trust mortgages or mortgage indentures of deeds of trust securing notes, bonds, or other credit instrument.

(I) "Mortgagee" shall mean the original lender under a mortgage, and its successors and assigns, and includes the holders of bonds, notes, stocks, mortgage and asset-backed securities and other credit instruments issued under a trust mortgage or deed of trust pursuant to which such holders act by and through a trustee herein named;

(j) "Mortgagor" shall mean the original borrower under a mortgage as defined herein, and its successor and assigns;

(k) "Net-worth" shall mean the paid up capital plus (50%) of the retained earnings of the Corporation.

(l) "Open-housing" refers to housing packages with cost above the medium package cost set in Section 15 of this Act but in no case costing more than Five Million Pesos (5,000,000.00);

(m) "Prudent production cost" of the project shall mean with respect to the relevant project, the relevant cost of the builder of the proposed physical improvements, including buildings, utilities within the boundaries of the subject property, cost of land, architects fees, taxes and interest accruing during construction, but not including builders profit nor other charges, except for estimated depreciated cost of any existing utilities;

(n) "Rental housing" shall mean, housing the occupancy of which is permitted by the owner thereof in consideration of the payment agreed charges, whether or not by the terms agreement, such payment over a period of time will entitle the occupant to the ownership of the premises.

(o) "Secondary mortgage market" means a market where existing mortgages are sold to and bought by the public;

(p) "Single family residence" means a type of residential structure designed to include on dwelling; and

(q) "Slum or blighted area" shall mean any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement, or design, lack of ventilation, light or sanitation facilities, or any combination of these factors, are detrimental to safety, health or morals.