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MORTGAGE A legal document by which real property is pledged as security for the repayment of a loan. PERCENTAGE LEASE A lease whose rental is based on a percentage of the monthly or annual gross sales made on the premises. EXECUTORY CONTRACT A contract in which one or both of the parties has not yet performed. CONDOMINIUM A form of property ownership in which the homeowner holds title to an individual dwelling unit and a proportionate interest in common areas and facilities of a multi-unit project. FAIR MARKET VALUE The highest monetary price which a property would bring, if offered for sale for a reasonable period of time in a competitive market, to a seller who is willing but not compelled to sell, from a buyer, willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used. |
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