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CUSTOMER TRUST FUND (CTF) An impound account maintained for the purpose of setting up a reserve to pay certain periodic obligations such as real property taxes, insurance premiums, lease rent, and maintenance fees. VENDEE The purchaser of realty; the buyer. The buyer under an agreement of sale. GRADUATED RENTAL LEASE A lease in which the rent payments commence at a fixed, often low rate, but "step up" or increase at set intervals as the lease term matures. PARTIAL RELEASE A clause found in a mortgage which directs the mortgagee to release certain parcels from the lien of the blanket mortgage upon the payment of a certain sum of money. JURISDICTION The authority or power to act, such as the authority of a court to hear and render a decision that binds both parties. MASTER PLAN A comprehensive plan to guide the long-term physical development of a particular area. |
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