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PARTY WALL A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots. FHLMC See Federal Home Loan Mortgage Corporation. MORTGAGOR The one who gives a mortgage as security for a debt; the borrower; usually the landowner; the borrower or debtor who hypothecates or puts up his property as security for an obligation. CONDOMINIUM OWNERSHIP An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like. BONA FIDE In good faith. CAPS (INTEREST) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. COFI See Cost of Funds Index. SHORELINE The dividing line between private land and public beach on beachfront property. |
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