Terms Used In West Virginia Code > Chapter 46 > Article 2A > B - Default by Lessor

• Agreement: means a tourism development agreement entered into, pursuant to section six of this article, between the department and an approved company with respect to a project. See West Virginia Code 5B-2E-3
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Approved company: means any eligible company approved by the department pursuant to section five of this article seeking to undertake a project. See West Virginia Code 5B-2E-3
• Approved costs: means :

  (a) Included costs:

  (i) Obligations incurred for labor and to vendors, contractors, subcontractors, builders, suppliers, delivery persons and material persons in connection with the acquisition, construction, equipping or installation of a project. See West Virginia Code 5B-2E-3

• Commercial unit: means such a unit of goods as by commercial usage is a single whole for purposes of lease and division of which materially impairs its character or value on the market or in use. See West Virginia Code 46-2A-103
• 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.
• Crafts and products center: means a facility primarily devoted to the display, promotion and sale of West Virginia products and at which a minimum of eighty percent of the sales occurring at the facility are of West Virginia arts, crafts or agricultural products. See West Virginia Code 5B-2E-3
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the West Virginia Department of Economic Development as provided in article two of this chapter. See West Virginia Code 5B-2E-3
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Eligible company: means any corporation, limited liability company, partnership, limited liability partnership, sole proprietorship, business trust, joint venture or any other entity operating or intending to operate a project, whether owned or leased, within the state that meets the standards required by the department. See West Virginia Code 5B-2E-3
• Employer: means an individual, partnership, corporation, or other legal entity that employs or plans to employ skilled workers. See West Virginia Code 5B-2D-2
• Entertainment destination center: means a facility containing a minimum of two hundred thousand square feet of building space adjacent or complementary to an existing tourism attraction, an approved project, or a major convention facility and which provides a variety of entertainment and leisure options that contain at least one major theme restaurant and at least three additional entertainment venues, including, but not limited to, live entertainment, multiplex theaters, large-format theaters, motion simulators, family entertainment centers, concert halls, virtual reality or other interactive games, museums, exhibitions or other cultural and leisure time activities. See West Virginia Code 5B-2E-3
• 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}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Finance lease: means a lease with respect to which:

  (i) The lessor does not select, manufacture or supply the goods. See West Virginia Code 46-2A-103

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Goods: means all things that are movable at the time of identification to the lease contract, or are fixtures (section 2A-309), but the term does not include money, documents, instruments, accounts, chattel paper, general intangibles or minerals or the like, including oil and gas, before extraction. See West Virginia Code 46-2A-103
• in writing: includes any representation of words, letters, or figures, whether by printing, engraving, writing, or otherwise. See West Virginia Code 2-2-10
• Installment lease contract: means a lease contract that authorizes or requires the delivery of goods in separate lots to be separately accepted, even though the lease contract contains a clause "each delivery is a separate lease" or its equivalent. See West Virginia Code 46-2A-103
• Judgment: includes decrees and orders for the payment of money, or the conveyance or delivery of land or personal property, or some interest therein, or any undertaking, bond or recognizance which has the legal effect of a judgment. See West Virginia Code 2-2-10
• Lease: means a transfer of the right to possession and use of goods for a term in return for consideration, but a sale, including a sale on approval or a sale or return, or retention or creation of a security interest is not a lease. See West Virginia Code 46-2A-103
• 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}
• Lease agreement: means the bargain, with respect to the lease, of the lessor and the lessee in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance as provided in this article. See West Virginia Code 46-2A-103
• Lease contract: means the total legal obligation that results from the lease agreement as affected by this article and any other applicable rules of law. See West Virginia Code 46-2A-103
• Lessee: means a person who acquires the right to possession and use of goods under a lease. See West Virginia Code 46-2A-103
• Lessor: means a person who transfers the right to possession and use of goods under a lease. See West Virginia Code 46-2A-103
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Lot: means a parcel or a single article that is the subject matter of a separate lease or delivery, whether or not it is sufficient to perform the lease contract. See West Virginia Code 46-2A-103
• Merchant lessee: means a lessee that is a merchant with respect to goods of the kind subject to the lease. See West Virginia Code 46-2A-103
• 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.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• Present value: means the amount as of a date certain of one or more sums payable in the future, discounted to the date certain. See West Virginia Code 46-2A-103
• Program: means the West Virginia Guaranteed Work Force Program established pursuant to section three of this article. See West Virginia Code 5B-2D-2
• Project: means a tourism development project and/or a tourism development expansion project administered in accordance with the provisions of this article. See West Virginia Code 5B-2E-3
• Purchase: includes taking by sale, lease, mortgage, security interest, pledge, gift or any other voluntary transaction creating an interest in goods. See West Virginia Code 46-2A-103
• Qualified professional services destination facility: means a facility with a minimum qualified investment, as defined in this article, of not less than $80 million physically located in this state and adjacent or complementary to a historic resort hotel, which primarily furnishes and provides personal or professional services, or both types of services, to individuals who primarily are residents of another state or foreign county. See West Virginia Code 5B-2E-3
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• real property: include lands, tenements and hereditaments, all rights thereto and interests therein, except chattel interests. See West Virginia Code 2-2-10
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to a part of the United States and not restricted by the context, includes the District of Columbia and the several territories, and the words "United States" also include the said district and territories. See West Virginia Code 2-2-10
• Supplier: means a person from whom a lessor buys or leases goods to be leased under a finance lease. See West Virginia Code 46-2A-103
• Tourism attraction: means a cultural or historical site, a recreation or entertainment facility, an area of natural phenomenon or scenic beauty, a West Virginia crafts and products center, or an entertainment destination center or a qualified professional services destination facility. See West Virginia Code 5B-2E-3
• Tourism development expansion project: means the acquisition, including the acquisition of real estate by a leasehold interest with a minimum term of ten years. See West Virginia Code 5B-2E-3
• Tourism development expansion project tax credit: means the tourism development expansion project tax credit allowed by section seven-a of this article. See West Virginia Code 5B-2E-3
• Tourism development project: means the acquisition, including the acquisition of real estate by a leasehold interest with a minimum term of ten years. See West Virginia Code 5B-2E-3
• Tourism development project tax credit: means the tourism development project tax credit allowed by section seven of this article. See West Virginia Code 5B-2E-3
• Training: means custom-designed training given to employees or prospective employees of new or expanding businesses and industries within the state. See West Virginia Code 5B-2D-2
• Training provider: means any persons, public or private educational institutions, agencies, companies or other entities that may be utilized for training or consultative services for an employer. See West Virginia Code 5B-2D-2