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EXTENSION An agreement to continue the period of performance beyond the specified period. STEP-UP LEASE A lease with fixed rent for an initial term and provision for pre-determined rent increases at specified intervals and/or increases based upon periodic appraisals; sometimes called a graduated lease. DEED OF TRUST A legal document that conveys title to real property to a third party. The third party holds title until the owner of the property has repaid the debt in full. CONDOMINIUM OWNERSHIP An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like. GIFT TAX A graduated federal tax paid by a donor upon making a gift. SETBACK Zoning restrictions on the amount of land required surrounding improvements; the amount of space required between the lot line and the building line. |
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