Terms Used In Connecticut General Statutes > Chapter 137 - Rehabilitation of Abandoned Industrial and Commercial Buildings

• Abandoned property: means any real property and any vacant structure thereon used or previously used for industrial or commercial purposes, which the owner has declared, in writing, to the building official to be abandoned, or real property on which there is a vacant structure used or previously used for industrial or commercial purposes which the owner has been given a written order by the building official to demolish and no application for a permit for rehabilitation or demolition has been applied for within thirty days after the date of such order or, if such permit has been granted, no rehabilitation or demolition work has been commenced within thirty days after the granting of such permit. See Connecticut General Statutes 8-291
• another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
• Building official: means the person appointed pursuant to section 29-260. See Connecticut General Statutes 8-291
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• legislative body: means : (1) As applied to unconsolidated towns, the town meeting. See Connecticut General Statutes 1-1
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Municipality: means city, town or borough. See Connecticut General Statutes 8-291
• Ordinance: means an enactment under the provisions of section 7-157. See Connecticut General Statutes 1-1
• Owner: means any holder, as appears in the land records of the municipality, of (1) title to real property and (2) any mortgage or other secured or equitable interest in such property. See Connecticut General Statutes 8-291
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Urban rehabilitation agency: means the agency designated by the legislative body of a municipality pursuant to section 8-292. See Connecticut General Statutes 8-291
• Urban rehabilitator: means any person, firm, partnership, corporation, limited liability company or other legal entity to which urban rehabilitation program property is conveyed. See Connecticut General Statutes 8-291