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LENDER The bank, mortgage company, or mortgage broker offering the loan. PIGGYBACK LOAN A joint loan with two lenders sharing a single mortgage. KEY LOT A lot that has added value because of its strategic location, especially where it is needed for the highest and best use of contiguous property. NOTE A document signed by the borrower of a loan, stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay. The note is the evidence of the debt. When secured by a mortgage, it is called a mortgage note. RELEASE CLAUSE A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan. ACKNOWLEDGEMENT A formal declaration made before a duly authorized officer, usually a Notary Public, by a person who has signed a document. |
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