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NONCONFORMING USE A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning. HOLDOVER TENANT One who stays on the leased premises after his lease has expired. The landlord normally has the choice of evicting the holdover tenant or permitting him to remain and continue to pay rent. SALE AND LEASEBACK A transaction in which, typically, an owner sells his improved property and as part of the same transaction signs a long-term lease and remains in possession. OPEN-END MORTGAGE A mortgage in which the borrower is given a limit up to which he may borrow, with any incremental advances of money up to but not exceeding the original borrowing limit to be secured by the same mortgage. TRADE FIXTURES Articles of personal property annexed to leased premises by the tenant, as a necessary part of the tenant's trade or business. APR See Annual Percentage Rate. CAPS (INTEREST) Consumer safeguards which limit the amount the interest rate on an adjustable rate mortgage can change in an adjustment interval and/or over the life of the loan. For example, if your per-period cap is 1% and your current rate is 7%, then your newly adjusted rate must fall between 6% and 8% regardless of actual changes in the index. |
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