Kentucky Statutes 99A.010 – Definitions for chapter
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As used in this chapter unless the context otherwise requires: (1) “Corporation” means the Kentucky Housing Corporation;
(2) “Executive director” means the executive director of the Kentucky Housing
Corporation;
(3) “Insurer” means any company qualified to write mortgage guaranty insurance in accordance with Subtitle 23 of KRS Chapter 304;
(4) “Local government” means a county, city, consolidated local government, or urban- county;
(5) “Mortgage” shall mean a first mortgage on real estate, in fee simple, or on a leasehold under a lease for not less than ninety-nine (99) years which is renewable, or under a lease having a period of not less than fifty (50) years to run from the date the mortgage was executed;
(6) “Mortgage guaranty fund” means the fund created pursuant to KRS § 99A.080;
(7) “Mortgagee” means the original lender under a mortgage and his successors and assigns;
(8) “Mortgagor” means the original borrower under a mortgage and his successors and assigns;
(9) “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;
(10) “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;
(b) The rehabilitation of such a structure and the refinancing of the outstanding indebtedness on such structure and the real property on which the structure is located; or
(c) The rehabilitation of such a structure and the purchase of the structure and the real property on which it is located; and
(11) “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.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 346, sec. 132, effective July 15, 2002. — Created
1984 Ky. Acts ch. 174, sec. 2, effective July 13, 1984.
(2) “Executive director” means the executive director of the Kentucky Housing
Terms Used In Kentucky Statutes 99A.010
- City: includes town. See Kentucky Statutes 446.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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.
- 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.
- 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
- 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
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
Corporation;
(3) “Insurer” means any company qualified to write mortgage guaranty insurance in accordance with Subtitle 23 of KRS Chapter 304;
(4) “Local government” means a county, city, consolidated local government, or urban- county;
(5) “Mortgage” shall mean a first mortgage on real estate, in fee simple, or on a leasehold under a lease for not less than ninety-nine (99) years which is renewable, or under a lease having a period of not less than fifty (50) years to run from the date the mortgage was executed;
(6) “Mortgage guaranty fund” means the fund created pursuant to KRS § 99A.080;
(7) “Mortgagee” means the original lender under a mortgage and his successors and assigns;
(8) “Mortgagor” means the original borrower under a mortgage and his successors and assigns;
(9) “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;
(10) “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;
(b) The rehabilitation of such a structure and the refinancing of the outstanding indebtedness on such structure and the real property on which the structure is located; or
(c) The rehabilitation of such a structure and the purchase of the structure and the real property on which it is located; and
(11) “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.
Effective: July 15, 2002
History: Amended 2002 Ky. Acts ch. 346, sec. 132, effective July 15, 2002. — Created
1984 Ky. Acts ch. 174, sec. 2, effective July 13, 1984.