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FEE SIMPLE Absolute ownership of real property. PLAT A map or a town, section, or subdivision indicating the location and boundaries of individual properties. ACCELERATION CLAUSE A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property. SECURITY DEPOSIT Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy. LIMITED COMMON ELEMENTS That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments. |
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