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Notice of deliquency
Notice of deliquency In junior financing, where the borrower gives the senior lender permission to notify the junior lender in the event of a default.
RELATED TERMS--------------------------------------
Borrower
A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.
Lender
A term which can refer to the institution making the loan or to the individual representing the firm.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
SIMILAR TERMS--------------------------------------
Notice of cessation
A notice that gives subcontractors 30 days and gives prime contractors 60 days to file liens from the date of cessation of work.
Notice of completion
A document recorded to give constructive notice that a building job has been completed.
Notice of default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
Notice of nonresponsibility
A legal notice designed to relieve a property owner of responsibility for the cost of improvements ordered by another person (such as a tenant).
Notice of termination
At the end of a lease either the landlord or tenant may give notice that they want to end the rental agreement and vacate the property.
PREVIOUS AND NEXT TERMS--------------------------------------
Note (original note)
A document signed by the borrower of a loan and stating the loan amount, the interest rate, the time and method of repayment and the obligation to repay.
Note rate
The interest rate stated on a mortgage note.
Notice of cessation
A notice that gives subcontractors 30 days and gives prime contractors 60 days to file liens from the date of cessation of work.
Notice of completion
A document recorded to give constructive notice that a building job has been completed.
Notice of default
A formal written notice to a borrower that a default has occurred and that legal action may be taken.
Notice of deliquency
Notice of nonresponsibility
A legal notice designed to relieve a property owner of responsibility for the cost of improvements ordered by another person (such as a tenant).
Notice of termination
At the end of a lease either the landlord or tenant may give notice that they want to end the rental agreement and vacate the property.
Novation
Substituting a new obligation for an old one or substituting new parties to an existing obligation.
Nuisance
That which annoys and disturbs one in possession of his or her property, rendering its ordinary use physically uncomfortable.
Nuncupative will
An oral will declared by the testator in his or her final illness, made before witnesses and then created in legal written form.
This dictionary contains 6433 terms. |
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