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TERM The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. RATE OF RETURN The relationship (expressed as a percentage)between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business. SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. ECOA See Equal Credit Opportunity Act. BUNDLE OF RIGHTS An ownership concept describing all those legal rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc. RAW LAND Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like. |
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