66-30-102 - Chapter definitions. - Tennessee Statutes

66-30-102. Chapter definitions.

As used in this chapter, unless the context otherwise requires:

     (1)  “Obligee” means any person or entity to whom a residential ground rent is owed, including its successors and assigns;

     (2)  “Obligor” means one (1) or more individuals who are obligated to pay a residential ground rent, including their successors, sublessees or assigns;

     (3)  “Residential ground rent” means a rent or charge paid for the use of land, whether or not title thereto is transferred to the user, or a lease of land, for residential purposes:

          (A)  Which is assignable by the obligor without the obligee's consent;

          (B)  Which is for a term in excess of fifteen (15) years, including any rights of renewal at the option of the obligor;

          (C)  Where the obligor has a present or future right to terminate such ground rent and to acquire the entire interest of the obligee in the land by the payment of a determined or determinable amount; and

          (D)  Where the obligee's interest in the land is primarily a security interest to protect the obligee's right to be paid the rent or charge; and

     (4)  “Residential purposes” means any use of land wherein the owner and/or the occupant thereof resides, including, but not limited to, the following uses: apartments, multi-family, single-family, duplexes and condominiums.

[Acts 1980, ch. 735, § 1; T.C.A., § 64-3002.]