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SHOPPING CENTER A modern classification of retail stores, characterized by off-street parking and clusters of stores, subject to a uniform development plan, and usually with careful analysis given to the proper merchant mix. ZONING ORDINANCES (OR ZONING REGULATIONS) Local law establishing building codes and usage regulations for properties in a specified area. DUE-ON-SALE CLAUSE Provision in a mortgage or deed of trust allowing the lender to demand immediate payment of the loan balance upon sale of the property. SUMMARY POSSESSION A legal process used by a landlord to regain possession of the leased premises if the tenant has breached the lease or is holding over after the termination of tenancy. PARTNERSHIP "An association of two or more persons to carry on as co-owners a business for profit," as defined in the Uniform Partnership Act, which is in force in a majority of the states. COOPERATIVE OWNERSHIP Cooperative ownership of an apartment unit means that the apartment owner has purchased shares in a corporation which holds title to the entire apartment building. CAP RATE (CAPITALIZATION RATE) The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital. |
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