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PERCENTAGE LEASE A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. PERSONAL PROPERTY Things which are tangible and moveable; property which is not classified as real property; chattels; personalty. PERSONAL PROPERTY Things which are tangible and moveable; property which is not classified as real property; chattels; personalty. YEAR-TO-YEAR TENANCY A periodic tenancy in which the rent is reserved from year to year. SEVERALTY Sole ownership of real property. MORTGAGEE The lender in a mortgage loan transaction. REBATE A reduction or kickback of a stipulated charge. COMMERCIAL PROPERTY A classification of real estate which includes income producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores, and other similar uses. |
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