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BUDGET MORTGAGE A mortgage with payments set up to cover more than interest and principal reductions. BLANKET MORTGAGE A mortgage that covers more than one parcel of real estate. PRINCIPAL The capital sum; interest is paid on the principal. NOT spelled principle. 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. ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. WAREHOUSE A building used to store merchandise and other materials or equipment. POWER OF ATTORNEY A written instrument authorizing a person(the attorney-in-fact) to act as the agent on behalf of another to the extent indicated in the instrument. |
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