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WEAR AND TEAR The gradual physical deterioration of property, resulting from use, passage of time and weather. Only property subject to wear and tear is depreciable. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. SPECIFIC PERFORMANCE A legal action brought in a court of equity to compel a party to carry out the terms of a contract. POWER OF SALE A clause written into a mortgage authorizing the mortgagee to sell the property in the event of default. NOTICE OF NONRESPONSIBILITY A legal notice designed to relieve a property owner from responsibility for the cost of improvements ordered by another person. REBATE A reduction or kickback of a stipulated charge. |
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