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CANTILEVER A projecting beam or overhanging portion supported at one end only. OPERATING EXPENSES Those periodic and necessary expenses which are essential to the continuous operation and maintenance of a property. VARIANCE Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws. LINE OF CREDIT A maximum amount of money a bank will lend one of its more reliable and credit worthy customers without need for any formal loan submission. COLLATERAL Assets (such as your home) pledged as security for a debt. TAKE-OUT FINANCING Long-term permanent financing. LEASE A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties. |
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