For purposes of this chapter, certain words and phrases used in this chapter are defined as follows:
“ABANDONED.” A property that is vacant and is under a current notice of default and/or notice of lienholder’s sale, pending tax assessors lien sale and/or properties that have been the subject of foreclosure sale where the title was retained by the lienholder of a deed of trust involved in the foreclosure and any properties transferred under a deed in lieu of foreclosure/sale.
“ACCESSIBLE PROPERTY.” A property that is accessible through a compromised/breached gate, fence, wall, and the like.
“ACCESSIBLE STRUCTURE.” A structure/building that is unsecured and/or breached in such a way as to allow access to the interior space by unauthorized persons.
“AGREEMENT.” Any agreement or written instrument, which provides that title to residential property, shall be transferred or conveyed from one owner to another owner after the sale, trade, transfer or exchange.
“ASSIGNMENT OF RENTS.” An instrument that transfers the beneficial interest under a deed of trust from one lender/entity to another.
“BENEFICIARY.” A lender under a note secured by a deed of trust.
“BUYER.” Any person, co-partnership, association, corporation, or fiduciary who agrees to transfer anything of value in consideration for property described in an agreement of sale, as defined in this subsection.
“CREDITOR.” A federal or state chartered bank, savings bank, savings and loan association, or credit union and any entity acting on behalf of the creditor named in the debt obligation, including but not limited to servicers.
“DANGEROUS BUILDING.” Any building/structure that is violation of any condition referenced in Chapter 4.44, Abatement of Dangerous Buildings.
“DAYS.” Consecutive calendar days.
“DEED IN LIEU OF FORECLOSURE/SALE.” A recorded document that transfers ownership of a property from the lienholder to the holder of a deed of trust upon consent of the beneficiary of the deed of trust.
“DEED OF TRUST.” An instrument by which title to real estate is transferred to a third party lienholder as security for a real estate loan. Used in Kentucky instead of a mortgage. This definition applies to any and all subsequent mortgages i.e.: 2nd trust deed, 3rd deed, and the like.
“DEFAULT.” The failure to fulfill a contractual obligation, monetary or conditional.
“DISTRESSED.” A property that is under a current notice of default and/or notice of lienholder’s sale and/or pending tax assessor’s lien sale or has been foreclosed upon by the lienholder or has been conveyed to the beneficiary/lienholder via a deed in lieu of foreclosure/sale.
“EVIDENCE OF VACANCY.” Any condition that on its own, or combined with other conditions present would lead a reasonable person to believe that the property is vacant. Such conditions include but are not limited to, overgrown and/or dead vegetation, accumulation of newspapers, circulars, flyers and/or mail, past due utility notices and/or disconnected utilities, accumulation of trash, junk, and/or debris, the absence of window coverings such as curtains, blinds and/or shutters, the absence of furnishings and/or personal items consistent with residential habitation, statements by neighbors, passerby, delivery agents, government employees that the property is vacant.
“FORECLOSURE.” The process by which a property, placed as security for a real estate loan, is sold at auction to satisfy the debt if the lienholder (borrower) defaults.
“LIENHOLDER.” The person, firm or corporation holding a deed of trust on a property.
“LOCAL.” Within forty (40) road/driving miles distance of the subject property.
“NEIGHBORHOOD STANDARDS.” Those conditions that are present on a simple majority of properties within a three hundred (300) foot radius of an individual property. A property that is the subject of a neighborhood standard comparison, or any other abandoned property within the three hundred (300) foot radius, shall not be counted toward the simple majority.
“NOTICE OF DEFAULT.” A recorded notice that a default has occurred under a deed of trust and that the beneficiary intends to proceed with a lienholder’s sale.
“OUT OF AREA.” In excess of forty (40) road/driving miles distance of the subject property.
“OWNER.” Any person, co-partnership, association, corporation, or fiduciary having a legal or equitable title or any interest in any real property.
“PROPERTY.” Any uinimproved or improved real property, or portion thereof, situated in the city and includes the buildings or structures located on the property regardless of condition.
“RESIDENTIAL BUILDING.” Any improved real property, or portion thereof, situated in the city, designed or permitted to be used for dwelling purposes, and shall include the buildings and structures located on such improved real property. This includes any real property being offered for sale, trade, transfer, or exchanges as residential whether or not it is legally permitted and/or zoned for such use.
“SECURING.” Such measures as may be directed by the Director of Planning and Development or his or her designee that assist in rendering the property inaccessible to unauthorized persons, including but not limited to the repairing offences and walls, chaining/pad locking of gates, the repair or boarding of door, window and/or other openings. Boarding shall be completed to a minimum of the current HUD securing standards at the time the boarding is completed or required.
“TRUSTOR.” A borrower under a deed of trust, who deeds property to a lienholder as security for the payment of a debt.
“VACANT.” A building/structure that is not legally occupied.
(Ord. No. 07-13, § 1, 5-21-13)