Home Loan Second Mortgage,

SHELL LEASE
A lease wherein a tenant leases the unfinished shell of a building, as in a new shopping center, and agrees to complete construction himself by installing ceilings, plumbing, heating and air conditioning systems, and electrical wiring.

ANCHOR TENANT
Major department or chain stores which are strategically located at shopping centers so as to give maximum exposure to smaller satellite stores.

RIGHT OF SURVIVORSHIP
The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.

ATTACHMENT
The legal process of seizing the real or personal property of a defendant in a lawsuit, by levy or judicial order, and holding it in the custody of the courts as security for satisfaction of the judgment which the plaintiff may recover in any action upon a contract, express or implied.

PARTNERSHIP
"An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states.

PRE-SALE
A pre-construction sale program by a condominium developer who is required to sell a certain percentage of units before a lender will commit to finance construction of the project.

MARGINAL LAND
Land which is of little value because of some deficiency, such as poor access, lack of adequate rainfall, or steep terrain.

TIME IS OF THE ESSENCE
The clause in a contract which emphasizes that punctual performance is an essential requirement of the contract.

CASH OUT
Any cash received when you get a new loan that is larger than the remaining balance of your current mortgage, based upon the equity you have already built up in the house.The cash out amount is calculated by subtracting the sum of the old loan and fees from the new mortgage loan.

RECORDING FEE
Money paid to an agent for entering the sale of a property into the public records.

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

ATTORNEY-IN-FACT
One who is authorized by another to act in his place under a power of attorney.

TITLE SEARCH
Examination of municipal records to ensure that the seller is the legal owner of a property and that there are no liens or other claims against the property.

DEFAULT
Failure to meet legal obligations in a contract, including failure to make payments on a loan.

SIMPLE INTEREST
Interest computed on the principal balance only.

LIQUIDATED DAMAGES
An amount predetermined by the parties to an agreement as the total amount of compensation an injured party should receive in the event the other party breaches a specified part of the contract.