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BASIS The financial interest which IRS attributes to the owner of an asset for purposes of determining annual depreciation and gain or loss on sale of the asset. ACCELERATION CLAUSE A clause in a promissory note, agreement of sale, or mortgage which gives the lender the right to call all sums due and payable in advance of the fixed payment date upon the occurrence of a specified event, such as a sale, default, assignment or further encumbrance of the property. GIFT TAX A graduated federal tax paid by a donor upon making a gift. HOUSING AND URBAN DEVELOPMENT See HUD. NET WORTH The value remaining after deducting liabilities from assets. MILITARY CLAUSE A clause inserted in some residential leases to allow the military tenant to terminate the lease in case of transfer, discharge or other circumstances making termination appropriate. NOTICE OF DEFAULT A notice to a defaulting party that there has been a default, usually providing a grace period in which to cure the default. |
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