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LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. APPRAISAL The process of estimating, fixing, or setting the market value of real property. An appraisal may take the form of a lengthy report, a completed form, a simple letter, or even an oral report. ACCRUED INTEREST Interest earned but not yet paid. COOPERATIVE OWNERSHIP Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building. INTEREST RATE CAP Consumer safeguards which limit the amount the interest rate on an ARM loan can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. PREPAYMENT PRIVILEGE The right of the debtor to pay off part or all of the debt without penalty prior to maturity, such as in a mortgage or agreement of sale. LIMITED COMMON ELEMENTS That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments. NORMAL WEAR AND TEAR That physical deterioration which occurs in the normal course of the use for which a property is intended, without negligence, carelessness, accident or abuse of the premises (or equipment or chattels) by the occupant, members of household, or their invitees or guests. |
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