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DISTRAINT The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears. LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. FISCAL YEAR A business year used for tax, corporate or accounting purposes, as opposed to a calendar year. JOINT LIABILITY Liability shared among two or more people, each of whom is liable for the full debt. HIGH RISE A popular expression for a condominium or apartment building generally higher than six stories. PREPAID INTEREST The paying of interest before it is due. ATTORNMENT The act of a tenant formally agreeing to become the tenant of a successor landlord; as in attorning to a mortgagee who has foreclosed on the leased premises. SUBORDINATION AGREEMENT An agreement whereby a prior mortgagee agrees to subordinate or give up their priority position to an existing or anticipated future lien. |
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