Control of Property assumes custody or control of a material part of the Property of either Borrower, the business or operations of either Borrower or their respective Share Capital; or
What is the right of control of a property?
The Right of Control Owners generally control the use of their properties, but they must adhere to any subdivision or homeowner association covenants and restrictions that apply as well as local and state laws.
What does the property control department do?
The Property Control Department is responsible for: Tagging newly acquired capital equipment with an identification number (property control number) unique to the University and then recording the item in the property control system at cost. Overseeing and conducting spot checks of annual physical inventories of all capital equipment.
What does it mean to have exclusive control of a property?
Control of Property. (a) The Property shall, at all times, be subject to the exclusive control of the Landlord and, without limiting the generality of the foregoing, the Landlord shall have the right from time to time throughout the Term: Control of Property.
What is the difference between control and situs of property?
Control of Property means the legal right to enter, occupy, and maintain the operation of the facility property within regulatory requirements. Evidence of control of property may include, but is not limited to the following: home as verified by documentation provided upon request of the Department. Situs of property means, with respect to:
What is the right to control property?
The right of control is your right to use or control the use of the property. This could include things like making renovations or changes to the property, having guests over to visit or live with you or renting it out to earn an income.
What are the control of land?
Land-use controls consists of government ordinances, codes, and permit requirements that restrict the private use of land and natural resources, to conform to public policies.
What is possession and control?
Possession or control means in the possession or control of Defendant and/or its agents, attorneys, or from any other person from whom they might obtain the requested information and documents.
What are the three types of property in law?
There are several types of property rights law, and within those types there are more specific spheres of property law. The three main types of property are real property, personal property, and intellectual property.
How does government control land use?
Zoning is the regulation and restriction of real property by a local government. It is the most common form of land-use regulation, as municipalities rely on it to control and direct the development of property within their borders, according to present and potential uses of the property.
What are the primary ways that local governments can control the use of property?
What are the primary ways that local governments can control the use of property? The answer is zoning and building codes. Neither the federal government nor state governments have zoning laws, but there are other ways they can make their influence felt, such as with wetlands rules.
What does custody or control mean?
Key Takeaways. Care, custody, or control (CCC) is a term that prevents an insured individual from claiming compensation on property not owned by them that was damaged while in their care. General liability policies typically cover property that is owned by the insured party and not third-party property.
What does possession of property means?
possession, in law, the acquisition of either a considerable degree of physical control over a physical thing, such as land or chattel, or the legal right to control intangible property, such as a credit—with the definite intention of ownership.
How do you get possession of property?
In a real estate transaction, possession occurs when the buyer takes ownership of a property after signing closing documents. After the sale is recorded with the local government and the purchase funds have been received by the seller, ownership of the property is transferred to the buyer.
What are two types of property rights?
The main legal property rights are the right of possession, the right of control, the right of exclusion, the right to derive income, and the right of disposition. There are exceptions to these rights, and property owners have obligations as well as rights.
What are examples of property rights?
We define property rights as a right to specific property, whether intangible or tangible. In many cases, property rights are clear. If you own a car and have a title to that car in your name, then the property rights to drive, sell, lend, lease, or scrap that car belong to you.
What are the two types of property ownership?
But what does jointly mean in terms of property ownership and why should you care? There are two types of property ownership; property can be held as either joint tenants or tenants in common.
What is a control of property?
Control of Property. If the Loan is to enable Borrower to acquire the Property from Third Party Indemnitor, Third Party Indemnitor represents and warrants that the Property is free from all encumbrances that could enable Third Party Indemnitor or its affiliates to control the use or ownership of the Property e.g., rights of first refusal; options to purchase or repurchase the Property; deed restrictions; or restrictive covenants such as those that limit the brand of fuel that can be sold on the Property.
Who is the controlling party of a property?
Control of Property. (a) Occupant shall be the managing party of the Property. Except as otherwise provided in this Agreement, Occupant shall be entitled to exclusive possession and control of the Property so long as payments due hereunder are current. Occupant agrees to not use or permit the use of the Property in any manner that would tend to create waste or a nuisance or that would be in violation of law. Occupant shall assume direction of routine maintenance and operation of the Property, subject to the provisions of Section 2.2 above.
What is Hankin control?
Until all of the Debtor 's obligations (whether ------------------- pre- existing or hereafter incurred) to Hankin have been performed or paid in full ( including, but not limited to, the payment of all Minimum Annual Rent and Additional Rent which the Debtor is obligated to pay to Hankin), Hankin shall control the disposition of and the exercise of remedies with respect to the Trade Fixtures in the event of a default by the Debtor in any of its obligations to Hankin. Debtor and ___________ do hereby waive any and all claims against Hankin which it may now or hereafter have on account of the Hankin's action in using or disposing of all or any of the Trade Fixtures. __________ waives any right to control to timing, nature or extent of Hankin's collection efforts against the Debtor, including disposition of the Trade Fixtures. Hankin may exercise or refrain from exercising its rights against the Debtor or the Trade Fixtures Personalty within the Leased Space ., and shall permit Comdisco to enter the Leased Space upon reasonable prior notice to Hankin for the purpose of exercising its rights under the Equipment Lease. The Non -Trade Fixture Personalty shall not be considered part of real property or a fixture, regardless of whether or by what means it is or may become affixed to real property. In exercising its rights to remove the Non- Trade Fixture Personalty pursuant to the Equipment Lease, Comdisco shall, at its sole cost and expense, repair any damage to the Leased Space or the building of which it is a part caused by Comdisco's negligence or failure to observe reasonable precautions as Hankin may require, in the removal of the Non-Trade Fixture Personalty.
What is the control of a landlord?
Control of Property. Landlord reserves the right to: (a) change the name or street address of the Building; (b) approve all types of signs, window coverings, internal lighting and other aspects of the Premises and its contents that may be visible from the exterior of the Premises; (c) prohibit Tenant from installing vending or dispensing machines of any kind in or about the Premises other than those Tenant installs in the Premises solely for use by Tenant 's employees; (d) install and maintain pipes, ducts, conduits, wires and structural elements in the Premises that serve other parts or other tenants of the Property; and (e) retain and receive master keys or pass keys to the Premises and all doors in the Premises. Notwithstanding the foregoing, Landlord is not responsible for the security of persons or property on or about the Property and Landlord is not and will not be liable in any way whatsoever for any criminal activity or any breach of security on or about the Property, except to the extent Landlord's gross negligence in maintaining control over Landlord's pass keys results in criminal activity or breaches in security.
Does control of property affect insurance?
Control of Property. Any act or neglect of any person, other than you, beyond your direction or control will not affect this coverage part. The breach of any condition of this coverage part at any one or more covered locations will not affect coverage at any covered location where, at the time of loss or damage, the breach of condition does not exist.
When obsolete equipment is utilized as a source of parts for other similar units, you must contact Property Administration?
When obsolete equipment is utilized as a source of parts for other similar units you must contact Property Administration prior to cannibalizing the equipment. A PCA form must be filled out with Dean/Director signature and forwarded to Property Administration.
When to contact Property Administration?
Contact Property Administration once you have received a capital item.
What to do if an asset cannot be located?
If an asset cannot be located a PCA form must be completed. Check the “missing” box on the PCA form and list all missing items. The department Dean/Director and the Provost/Vice President must sign the PCA. Property Administration will then delete these items from the Fixed Asset Inventory Master.
How long does it take to report a stolen property to the police department?
Each department must report lost, stolen, or destroyed property to Property Administration within ten (10) days after discovery of the loss. Property Administration shall record the loss and assist the department by providing information for police reports or insurance claims through Risk Management.
Can property administration tag items that do not fall into the above category?
At the department’s request, Property Administration can also tag items that do not fall into the above category if a purchasing document is supplied ( e.g. cameras, projectors and items that can easily walk away.)
Is sales tax included in capital purchases?
Sales/use tax, freight, and installation costs associated with any capital purchase are considered part of the value of the equipment.
How do CC&Rs differ from zoning ordinances?
CC&Rs differ from zoning ordinances in that ordinances are imposed and enforced by the government. They're a matter of law, whereas CC&Rs are contracts between private parties. CC&Rs are entered into voluntarily, so they can be even more restricting than zoning laws.
What are covenants and conditions?
Covenants, conditions, and restrictions can be placed upon homeowners in planned unit developments, and even sometimes in established neighborhoods, restricting what they can and cannot do on their properties or with their homes. Often referred to as "CC&Rs," they can be imposed by builders, developers, or neighborhood associations, but they're commonly associated with homeowner associations.
How Are Violations Dealt With?
CC&Rs become a binding legal contract after the sale transaction when the deed is filed with the proper county authority. This means that they can be enforced in court. More likely, however, you'll first be fined if you violate the rules, and you'll probably have to foot the bill for any remedy enforced to correct the rule you broke. 2
When did CC&Rs stop selling property?
CC&Rs sometimes prohibited the sale of the property to homeowners who weren't Caucasian prior to the 1960s and before implementation of the federal Fair Housing Act. These racist documents are still in the public records, but they're invalidated due to state and federal laws.
Do city codes have setbacks?
Most city codes provide for setbacks and restrictions on fence constructions, but it's not uncommon to find limitations stated in the CC&Rs as well.
Who is responsible for overseeing the property for a specific time period?
Care: The insured is responsible for overseeing the property for a specific time period.
What Is Care, Custody, or Control (CCC)?
Care, custody, or control is an exclusion found in liability insurance policies that removes compensation for the insured when a property that is placed in their care is damaged. The care, custody, or control (CCC) exclusion generally applies to property that is not owned by the insured, such as rental equipment or goods being transported. CCC implies that if an individual damages property that is in their care but is not their property, their insurance will not cover the damages.
What is CCC in insurance?
Care, custody, or control (CCC) is a term that prevents an insured individual from claiming compensation on property not owned by them that was damaged while in their care. General liability policies typically cover property that is owned by the insured party and not third-party property.
What are the rights to property?
Rights to property may also be broken down into surface rights, subsurface rights, riparian rights, and air rights. They include the right to build on the ground (surface), extract minerals (subsurface), collect water from a stream (riparian), and prevent neighboring buildings from overhanging your own (air). 4
Who owns a property?
A property is owned, or possessed, by whoever holds title to it . If the buyer pays cash for a property, they immediately have title because there's no mortgage note or other type of lien —financial claim—against it.
What Is the Bundle of Legal Rights of Property Owners?
The bundle of rights of property ownership is bestowed upon the holder of the title to the real estate. This notion of property ownership as a collection of rights in relation to other people, rather than just rights to a tangible thing, is the dominant way of looking at property rights in the U.S. legal system. 1
What is the right of exclusion?
The right of exclusion. The right to derive income. The right of disposition. The owner also has the right to exercise none of those rights. 2 . During the 1960s, British legal scholar A.M. Honoré created a list of incidents of property ownership that included items other than rights. For example, the prohibition of harmful use means an owner ...
How can owners make money from their property?
Owners can generate income from their property by renting it out to a person or business. They could also use it to raise and train Thoroughbred horses or operate a welding business if zoning permits.
What is the right to exclude someone from trespassing?
The Right of Exclusion. Other people can be excluded from trespassing onto your property or entering your home, and this right is generally very well protected. However, exceptions to this right extend beyond the expected law enforcement officers with a warrant.
Who said property is not a right?
In his 1893 book "The Distribution of Wealth," American economist John Rogers Commons referred to property as "not a single absolute right, but a bundle of rights" that "are distributed among owners and society.". 3 .
Why is it important to include a legal description of a property?
Including an accurate legal property description is essential when real estate is being transferred or mortgaged. In order to transfer ownership of real estate, the deed must contain a unique legal description of the property that identifies it. Similarly, to have a valid mortgage on a property, the mortgage also must contain this legal description.
What is the street address of a property?
This is most often the street address and a property tax identification number. The street address is basically the mailing address of the property , which includes the street number and name, city or town, state, and zip code.
What does a legal description indicate?
All legal descriptions will indicate the county and state, but the way in which the description is worded will vary.
What happens if a property is not subject to subdivision plats?
Where the property is not subject to a subdivision plat, and especially if it is irregular in shape, you will see more complex descriptions that are designed to allow a surveyor to measure and mark the property boundary.
Does a mortgage have to have a legal description?
Similarly, to have a valid mortgage on a property, the mortgage also must contain this legal description. It will also be used for a title search, and appear on the title insurance policy.
Can you transfer ownership of a property with a quit claim deed?
If you’re seeking to transfer ownership of property, a quitclaim deed is a fast and easy method but it's only recommended in certain circumstances.
What is POA in real estate?
In real estate, POA of property may be used by individuals who are selling a home but are living overseas and unable to be present during the sale. Assets like real estate, stocks, bonds, and bank accounts owned by a principal are included under power of attorney of property.
Can an agent bestow control to another person?
Bestowing such control to another individual comes with an expectation that the agent will act according to the instructions and best interests of the principal. There is no guarantee beyond the terms stated in the document to ensure that those wishes will be honored.
