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RESCISSION The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo. RISK OF LOSS Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, and he should protect himself by securing proper insurance. LETTER OF CREDIT An agreement or commitment by a bank("issuer") made at the request of a customer ("account party")that the bank will honor drafts or other demands of payment from third parties ("beneficiaries") upon compliance with the conditions specified in the letter of credit. LOAN ORIGINATION FEE Fee charged by a lender to cover administrative costs of processing a loan. CONSTRUCTIVE EVICTION Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent. PREPAYMENT PENALTY Fee charged by a lender for a loan paid off in advance of the contractual due date. NON-COMPETITION CLAUSE A provision in a contract or lease prohibiting a person from operating or controlling a nearby business which would compete with one of the parties to the contract. CALL OPTION A provision of a note which allows the lender to require repayment of the loan in full before the end of the loan term. The option may be exercised due to breach of the terms of the loan or at the discretion of the lender. |
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