Florida Home Equity Loan Rate,

NET LEASE
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor.

IMPROVEMENTS
Valuable additions made to property, amounting to more than repairs, costing labor and capital and intended to enhance the value of the property. Improvements of land would include grading, sidewalks, sewers, streets, utilities, etc. Improvements on land would include buildings, fences, and the like.

JURISDICTION
The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties.

NET LEASE
A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor.

HOMEOWNER'S ASSOCIATION
A non-profit association of homeowners organized pursuant to a declaration of restrictions or protective covenants for a subdivision, a PUD, or a condominium.

MORTGAGOR
The borrower in a mortgage loan transaction.

DEPRECIATION (TAX)
For tax purposes, depreciation is an expense deduction taken for an investment in depreciable property.

DEED OF TRUST
A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full.

NET WORTH
The value remaining after deducting liabilities from assets.

COOPERATING BROKER
A broker who joins with another broker in the sale of real property.

RENEWAL OPTION
A covenant in some leases which gives the lessee the right to extend the lease term for a certain period, on specified terms.

OBSOLESCENCE
A type of depreciation of property.

FORECLOSURE (OR REPOSSESSION)
Legal process by which a mortgaged property may be sold to pay off a mortgage loan that is in default.

PROMISSORY NOTE
An unconditional written promise of one person to pay a certain sum of money to another, or order, or bearer, at a future specified time.

STANDING LOAN
A commitment by the interim or construction lender to keep the money already funded in the project for a specified period of time after the expiration of the interim loan, usually until permanent take-out financing is secured.

LOSS PAYEE
The person designated on an insurance policy to be paid in case the insured property is damaged or destroyed.

FEE SIMPLE
Absolute ownership of real property.

GARNISHMENT
A legal process designed to provide a means for creditors to safeguard for themselves the personal property of a debtor which is in the hands of a third party ("garnishee").

SHOPPING CENTER
A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix.

GRANTOR
The person transferring title to, or an interest in, real property. A grantor must be competent to convey; thus, for example, an insane person cannot convey title to real property.

EARNEST MONEY
Deposit made by a buyer towards the down payment in evidence of good faith when the purchase agreement is signed.

NON-ASSUMPTION CLAUSE
A statement in a mortgage contract forbidding the assumption of the mortgage by another borrower without the prior approval of the lender.

LOAN ORIGINATION FEE
Fee charged by a lender to cover administrative costs of processing a loan.

FINANCE CHARGE
The total of all costs imposed directly or indirectly by the creditor and payable either directly or indirectly by the customer, as defined under the federal Truth-in-Lending Law.