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ETHICS A system of moral principles, rules and standards of conduct. NONDISTURBANCE CLAUSE A clause inserted in a mortgage whereby the mortgagee agrees not to terminate the tenancies of lessees who pay their rent if the mortgagee forecloses on the mortgagor-lessor's building. 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. LIQUIDITY The ability to sell an asset and convert it into cash at a price close to its true value. SURRENDER A premature conveyance of a possessory estate to a person having a future interest, as when a lessee surrenders the leasehold interest to the owner of the reversion interest, the lessor, before the normal expiration of the lease. |
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