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BENCH MARK A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area. 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. NET LEASE A lease, usually commercial, whereby the lessee pays not only the rent for occupancy, but also pays maintenance and operating expenses such as tax, insurance, utilities and repairs. Thus the rent paid is "net" to the lessor. TITLE SEARCH An examination of the public records to determine what, if any, defects there are in the chain of title. CONVERTIBLE ARMS A type of ARM loan with the option to convert to a fixed-rate loan during a given time period. |
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