Tag: Clauses
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Subject to Clause
Concept of Subject to Clause in the context of Real Property A short definition of Subject to Clause: A clause in a deed, stating that the grantee takes title subject to an existing mortgage. The original mortgagor is alone responsible for any deficiency, should there be […]
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Saving Clause
A clause in a statute or a legal document which exempts certain special things out of the general things mentioned.
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Saving Clause
A clause in a statute or a legal document which exempts certain special things out of the general things mentioned.
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Due-on-sale-clause
Concept of Garn-st. German Act of 1982 in the context of U.S. Real Property A short definition of Garn-st. German Act of 1982: An act which, among other things, provides that a lender may not enforce a due-on-sale clause when the property passes by will to a relative of the decedent who […]
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Due-on-sale-clause
Concept of Garn-st. German Act of 1982 in the context of U.S. Real Property A short definition of Garn-st. German Act of 1982: An act which, among other things, provides that a lender may not enforce a due-on-sale clause when the property passes by will to a relative of the decedent who […]
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Dark Store Clause
Concept of Dark Store Clause in the context of Real Property A short definition of Dark Store Clause: A clause usually found in a retail store percentage lease stating that the tenant must stay open for business at the site for the full term of the lease, and limits the tenant’s right to […]
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Va Escape Clause
Concept of Va Escape Clause in the context of Real Property A short definition of Va Escape Clause: A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.
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Va Escape Clause
Concept of Va Escape Clause in the context of Real Property A short definition of Va Escape Clause: A clause stating that the buyer (borrower) shall not be obligated to buy nor shall any deposit be lost if the appraisal is less than the agreed upon amount.
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No Bonus Clause
Concept of No Bonus Clause in the context of Real Property A short definition of No Bonus Clause: A clause under the eminent domain section of a lease, giving the lessee the right to recover only the value of his physical improvements in the event of a taking, and not the value of the […]
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Escalation Clause
Concept of Escalation Clause in the context of Real Property A short definition of Escalation Clause: A clause in a lease providing for an increased rental at a future time. May be accomplished by several types of clauses, such as (1) Fixed increase – A clause which calls for a definite, […]
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Priority Clause
Concept of Priority Clause in the context of Real Property A short definition of Priority Clause: A clause in a junior lien, acknowledging the priority of a prior lien.
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Cancellation Clause
A contractual provision permitting one or both of the parties to terminate the relationship under certain circumstances. The implication is that the circumstances do not amount to breach, and the cancellation creates no liability. But clauses allowing cancellation for particular breaches, or […]
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Release Clause
Concept of Release Clause in the context of Real Property A short definition of Release Clause: A clause in a blanket encumbrance allowing for the release of certain parcels upon payment of a specified amount. Example: A builder mortgages an entire subdivision under one loan. As […]
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Cooperation Clause
Concept of Cooperation Clause in the context of Real Property A short definition of Cooperation Clause: A clause in the purchase agreements of both the relinquished and replacement properties in a 1031 exchange stating that the parties agree to do what is required (cooperate) by the IRS rules.
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Listing Saving Clause
Concept of Listing Saving (or Saving’s) Clause in the context of Real Property A short definition of Listing Saving (or Saving’s) Clause: A clause in a listing agreement by which the principal (seller) agrees to pay the agent (broker) a commission for a sale of the property for a […]