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LETTER OF INTENT An expression of intent to invest, develop or purchase without creating any firm legal obligation to do so. LEASE A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties. RESTRICTIVE COVENANT A private agreement, usually contained in a deed, which restricts the use and occupancy of real property. TAX LIEN A general statutory lien imposed against real property for failure to pay taxes. There are federal tax liens and state tax liens. VARIABLE RATE Interest rate that changes periodically in relation to an index. |
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