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COMMON WALL A wall separating two living units. BREACH OF CONTRACT Violation of any of the terms or conditions of a contract without legal excuse; default, non-performance, such as failure to make payment when due. CHAIN OF TITLE The chronological order of conveyance of a property from the original owner to the present owner. NEGATIVE AMORTIZATION A loan payment schedule in which the outstanding principal balance of a loan goes up rather than down because the payments do not cover the full amount of interest due. The monthly shortfall in payment is added to the unpaid principal balance of the loan. PERMANENT FINANCING A long-term loan, as opposed to an interim loan. LEASE A lease is both a contract between lessor (landlord)and lessee (tenant) and a conveyance or demise of the premises by the lessor to the lessee. A lease is a contract in that item bodies the agreement between the parties. MECHANIC'S LIEN A statutory lien created in favor of materialmen and mechanics to secure payment for materials supplied and services rendered in the improvement, repair or maintenance of real property. RECORDING The act of entering into the book of public records the written instruments affecting the title to real property, such as deeds, mortgages, contracts of sale, options, assignments, and the like. Proper recordation imparts constructive notice to all the world of the existence of the recorded document and its contents. |
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