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UPSET PRICE A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised. SECURITY DEPOSIT Money deposited by or for the tenant with the landlord, to be held by the landlord for the following purposes: to remedy tenant defaults for damage to the premises (be it accidental or intentional), for failure to pay rent due, or for failure to return all keys at the end of the tenancy. BULK TRANSFERS Any transfer in bulk, and not in the ordinary course of the seller's business, of a major part of the materials, inventory or supplies of an enterprise. BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. COMMUNITY PROPERTY A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage. HYPOTHECATE To pledge specific real or personal property as security for an obligation, without surrendering possession of it. RENEWAL OPTION A covenant in some leases which gives the lessee the right to extend the lease term for a certain period, on specified terms. |
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