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JUST COMPENSATION An amount of compensation to be received by a party for the taking of property under the power of eminent domain. UNDERWRITING In mortgage lending, the process of determining the risks involved in a particular loan and establishing suitable terms and conditions for the loan. ALIENATION CLAUSE A clause in a promissory note or mortgage which provides that the balance of the secured debt becomes immediately due and payable at the option of the mortgagee upon the alienation of the property by the mortgagor. RENT CONTROL Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power. DUE ON SALE CLAUSE A form of acceleration clause found in some mortgages, especially savings and loan mortgages, requiring the mortgagor to pay off the mortgage debt when selling the secured property, thus resulting in automatic maturity of the note at the lender's option. FUNCTIONAL OBSOLESCENCE A loss in value of an improvement due to functional inadequacies, often caused by age or poor design. INTEREST The sum paid or accrued in return for the use of money. GOVERNMENT SURVEY A system of land description in which large blocks of land are divided into tracts bounded by imaginary lines conforming to the true meridian. |
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