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Escape clause
Escape clause 1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
RELATED TERMS--------------------------------------
Contract
A legal agreement between entities that requires each to conduct (or refrain from conducting) certain activities.
Contingency
A requirement in a contract that must occur before that contract can be finalized.
Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
Tenant
Any person in possession of real property with the permission of the owner.
Surrender
The cancellation of a lease by mutual consent of the tenant and the landlord.
Cooperative
A residential multiunit building whose title is held by a trust or corporation that is owned by and operated for the benefit of persons living within the building, who are the beneficial owners of the trust or stockholders of the corporation, each possessing a proprietary lease.
SIMILAR TERMS--------------------------------------
Escalation clause
A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
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Equivalent level rate (ELR)
Flat rate per square foot that will equal the same total present value as a proposed lease's variable cash flows.
ERISA (Employee Retirement Income Security Act)
Legislation passed in 1974 and administered by the Department of Labor that controls the investment activities primarily of corporate and union pension plans. More public pension funds are adopting ERISA-like standards.
Erosion
The gradual loss of soil due to the operation of currents, tides or winds.
Errors and omissions insurance
Malpractice insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
Escalation clause
A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
Escape clause
Escheat
The reverting of property to the state in the absence of heirs.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Escrow account
1) An account maintained by a real estate broker, attorney, escrow agent in an insured bank for the deposit of other people's money. 2) An account maintained by the borrower with the lender in certain mortgage loans to accumulate the funds to pay an annual insurance premium, real estate tax, or a home owner's association assessment.
Escrow agent-officer
An individual qualified to perform all the steps necessary to prepare and carry out escrow instructions.
Escrow agreement
A written agreement made between an escrow agent and the parties to a contract setting forth the basic obligations of the parties, describing the money (or other things of value) to be deposited in escrow, and instructing the escrow agent concerning the disposition of the monies deposited
This dictionary contains 6433 terms. |
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