Terms Used In Kentucky Statutes > Chapter 99A - Neighborhood Redevelopment

• Corporation: means the Kentucky Housing Corporation. See Kentucky Statutes 99A.010
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Insurer: means any company qualified to write mortgage guaranty insurance in accordance with Subtitle 23 of KRS Chapter 304. See Kentucky Statutes 99A.010
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Local government: means a county, city, consolidated local government, or urban- county. See Kentucky Statutes 99A.010
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage guaranty fund: means the fund created pursuant to KRS §. See Kentucky Statutes 99A.010
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Mortgagee: means the original lender under a mortgage and his successors and assigns. See Kentucky Statutes 99A.010
• Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
• Mortgagor: means the original borrower under a mortgage and his successors and assigns. See Kentucky Statutes 99A.010
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Rehabilitation: means the process of returning a structure to a state of utility through repair or alteration which makes possible an efficient contemporary use while preserving those portions or features of the property which are significant to historical, architectural, and cultural values. See Kentucky Statutes 99A.010
• Rehabilitation loan: means a loan, advance of credit, or purchase of an obligation representing a loan or advance of credit, made for the purpose of financing:
  (a) The rehabilitation of an existing residential building. See Kentucky Statutes 99A.010
• Residential building: means a building in which sleeping accommodations or sleeping accommodations and cooking facilities as a unit are provided except when classified as an institution under the Kentucky Building Code. See Kentucky Statutes 99A.010