The unpaid balance of a standard RAP loan shall be declared due and payable upon sale or transfer of the ownership of the property, except in the case where a single-family dwelling unit is sold to a low-income purchaser who will be the owner-occupant, then the loan may convert to a deferred/shared appreciation loan in accordance with the terms and eligibility requirements of Chapter 11.28 of this title. In the event of the death of one or more of the mortgagors, transfer of the loan may be made to a spouse or heir who occupied the property at the time of mortgagor’s death and is otherwise eligible for a standard RAP loan.
(1995 Code, § 11.24.080) (Ord. 97-1810, passed - -1997; Ord. 97-1800, passed - -1997)