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INTERIM FINANCING A short-term loan usually made during the construction phase of a building project; often referred to as the "construction loan." ANNUAL PERCENTAGE RATE (APR) The cost of credit expressed as a yearly rate. The annual percentage rate is often not the same as the interest rate. It is a percentage that results from an equation considering the amount financed, the finance charges, and the term of the loan. LANDMARK A stake, stream, cliff, monument or other object or feature which is used to fix or define land boundaries; also a prominent feature of a landscape or property that is the symbol for the place. INJUNCTION A legal action which forbids a party defendant from doing some act; it requires a person to whom it is directed to refrain from doing a particular thing. BALLOON PAYMENT The final payment of a note or obligation, which is substantially larger than the previous installment payments, and which repays the debt in full; the remaining balance which is due at the maturity of a note or obligation. |
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