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TENANCY AT SUFFERANCE A tenancy which exists when a tenant wrongfully holds over after the expiration of a lease, without the landlord's consent, as where the tenant fails to surrender possession after termination of the lease. INDUSTRIAL PARK An area zoned industrial and containing sites for many separate industries and developed and managed as a unit, usually with provisions for common services for the users. CONCESSIONS Discounts given by landlords to prospective tenants to induce them to sign a lease. EQUITY The difference between the current market value of a property and the total debt obligations against the property. On a new mortgage loan, the down payment represents the equity in the property. CREDIT REPORT A report detailing the credit history of a prospective borrower that's used to help determine borrower creditworthiness. |
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