Terms Used In Utah Code 11-25-10

• Agency: means a community reinvestment agency functioning pursuant to Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act. See Utah Code 11-25-3
• Contract: A legal written agreement that becomes binding when signed.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Financing: means the lending of money or any other thing of value for the purpose of residential rehabilitation. See Utah Code 11-25-3
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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}
• Residential rehabilitation: means the construction, reconstruction, renovation, replacement, extension, repair, betterment, equipping, developing, embellishing, or otherwise improving residences consistent with standards of strength, effectiveness, fire resistance, durability, and safety, so that the structures are satisfactory and safe to occupy for residential purposes and are not conducive to ill health, transmission of disease, infant mortality, juvenile delinquency, or crime because of any one or more of the following factors:
       (8)(a) defective design and character of physical construction;
       (8)(b) faulty interior arrangement and exterior spacing;
       (8)(c) high density of population and overcrowding;
       (8)(d) inadequate provision for ventilation, light, sanitation, open spaces, and recreation facilities;
       (8)(e) age, obsolescence, deterioration, dilapidation, mixed character, or shifting of uses; and
       (8)(f) economic dislocation, deterioration, or disuse, resulting from faulty planning. See Utah Code 11-25-3