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TENANCY FOR YEARS A less-than-freehold estate in which the property is leased for a definite, fixed period of time, be it for 60 days or any fraction of a year, a year, ten years, etc. PREPAYMENT PENALTY Fee charged by a lender for a loan paid off in advance of the contractual due date. ACCEPTANCE The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. CALL OPTION A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender. SHOPPING CENTER A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix. |
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