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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. IMPUTED INTEREST Interest implied by the federal tax law. SURVEY A measurement of land, prepared by a licensed surveyor, showing a property's boundaries, elevations, improvements, and relationship to surrounding tracts. EMINENT DOMAIN The right of government, both state and federal, to take private property for a necessary public use, with just compensation paid to the owner. TOWNSHIP A piece of property, used in the government survey system of land description, which is 6 miles square, and contains36 sections, each 1 mile square; and consists of 23,040 acres. |
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