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SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. LAW DAY The date an obligation becomes due; sometimes refers to the closing date. PROPRIETARY LEASE A written lease in a cooperative apartment building, between the owner-corporation and the tenant-stockholder, in which the tenant is given the right to occupy a particular unit. COVENANTS AND CONDITIONS Covenants are promises contained in contracts, the breach of which would entitle a person to damages. Conditions, on the other hand, are contingencies, qualifications or occurrences upon which an estate or property right would be gained or lost. PARTIAL RELEASE A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money. |
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