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LIMITED PARTNERSHIP A partnership formed by two or more persons having as members one or more general partners and one or more limited partners. UPSET PRICE A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised. JUNIOR MORTGAGE A mortgage which is subordinate in right or lien priority to an existing mortgage on the same realty, such as a second mortgage. MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area. SECOND MORTGAGE An additional mortgage placed on a property that has rights that are subordinate to the first mortgage. |
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