Home Improvement Project,

PERCENTAGE LEASE
A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises.

RESCISSION
The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.

PERFORMANCE BOND
A bond, usually posted by one who is to perform work for another, which assures that a project or undertaking will be completed as per agreement or contract.

CONTINGENCY
A condition which must be satisfied before a contract is legally binding.

ACCELERATION CLAUSE
A common provision of a mortgage or note providing the holder with the right to demand that the entire outstanding balance is immediately due and usually payable in the event of default.

YEAR-TO-YEAR TENANCY
A periodic tenancy in which the rent is reserved from year to year.

BALLOON PAYMENT
The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation.

CHAIN OF TITLE
The chronological order of conveyance of a property from the original owner to the present owner.

SHORELINE
The dividing line between private land and public beach on beachfront property.

POINT OF BEGINNING
The starting point in a metes and bounds description of property, which is usually a street intersection or a specific monument.

WAIVER
To voluntarily give up or surrender a right.

COMMUNITY PROPERTY
A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage.

QUIET ENJOYMENT
The right of a new owner or a lessee legally in possession to uninterrupted use of the property without interference from the former owner, lessor or any third party claiming superior title.

FUNCTIONAL OBSOLESCENCE
A loss in value of an improvement due to functional inadequacies, often caused by age or poor design.

SEPTIC TANK
A sewage settling tank in which part of the sewage is converted into gas and liquids before the remaining waste is discharged by gravity into a leaching bed underground.