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STRAIGHT NOTE A promissory note evidencing a loan in which "interest only" payments are made periodically during the term of the note, with the principal payment due in one lump sum upon maturity. 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. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. GUARDIAN One who is given the lawful custody and care of another(called a ward). HABITABLE Being fit to live in. The residential landlord has an obligation to keep the leased premises in a habitable condition. CONSTRUCTIVE NOTICE Notice of certain facts which are implied bylaw to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records. FIRM COMMITMENT A definite undertaking by a lender to loan a set amount of money at a specified interest rate for a certain term. |
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