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VARIANCE Permission obtained from governmental zoning authorities to build a structure or conduct a use which is expressly prohibited by the current zoning laws; an exception from the zoning laws. OPTION An agreement to keep open, over a set period, an offer to sell or purchase property. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. COMMON AREAS Land or improvements designated for the use and benefit of all residents, property owners and tenants. |
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