The person, firm, or corporation to whom someone else is obligated under a contract.
Obsolescence
The decline in a property’s value which is unrelated to physical changes in the asset itself but which is instead due to changes in technology and public taste which render the property less desirable on the market. See Functional Obsolescence.
Occupancy
Taking possession of property and using it. In insurance, implies the use of the building only for those purposes described in the policy.
Occupation
(a) Possession; use. (b) That which takes up most of one’s time and energies, e.g., business or employment.