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MORTGAGE NOTE Legal document obligating a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage or deed of trust or other security instrument. PARTY WALL A wall which is located on or at a boundary line between two adjoining parcels and is used or is intended to be used by the owners of both properties in the construction or maintenance of improvements on their respective lots. MISREPRESENTATION A false statement or concealment of a material fact made with the intent to induce some action by another party. AFFIDAVIT A sworn statement reduced to writing and made under oath before a Notary Public or other official authorized by law to administer an oath. DEDICATION The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. BUYER'S MARKET Market conditions that favor buyers. With more sellers than buyers in the market, sellers may be forced to make substantial price concessions. LIMITED COMMON ELEMENTS That special class of common elements in a condominium reserved for the use of a certain apartment(s) to the exclusion of other apartments. |
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