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Obligatory advance
Obligatory advance Any advance which, under the terms of the credit line deed of trust or other agreement, the secured party has legally obligated itself to make in the absence of a default, breach, or other such event.
RELATED TERMS--------------------------------------
Credit
An agreement in which a borrower receives something of value in exchange for a promise to repay the lender at a later date.
Deed
A signed, written instrument that conveys title to real property.
Trust
An arrangement whereby legal title to property is transferred by the grantor (or trustor) to a person called a trustee, to be held and managed by that person for the benefit of another, called a beneficiary.
Default
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Breach
Violation of an obligation in a contract.
SIMILAR TERMS--------------------------------------
Obligee
The person who will receive the outcome of an obligation.
Obligor
An individual who has engaged to perform an obligation to another person (i.e., obligee).
PREVIOUS AND NEXT TERMS--------------------------------------
Oyo property
Property in Oyo, Nigeria. Apartments, flats, houses, offices and other property in Oyo.
One hundred and eighty-two day T-bill auction average discount rate
The U.S. government issues short-term debt at a discount at a competitive auction, usually on a weekly basis. At a discount means the note is sold at a discount from face value and then redeemed at maturity at the full face value.
One year ARM
A 1-year ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for one year, and thereafter has an adjustment interval of one year.
One year ARM refinance
A 1-year ARM is an adjustable-rate mortgage (ARM) that has an initial interest rate for one year, and thereafter has an adjustment interval of one year.
Obedience
The fiduciary relationship obligates the agent to act in good faith at all times, obeying the principal's instructions in accordance with the contract. However, that obedience is not absolute.
Obligatory advance
Obligee
The person who will receive the outcome of an obligation.
Obligor
An individual who has engaged to perform an obligation to another person (i.e., obligee).
Obsolescence
Impairment of desirability and usefulness brought about by changes in the art, design or process or from external influencing circumstances that make a property less desirable and valuable for a continuity or use.
OCC
Percent occupancy of the motel, i.e.: number of rooms rented vs. the number of rooms available, calculated on a yearly percent basis.
Occupancy cost
Charge to tenant, pursuant to its lease, such as rent, operating expense increases, parking charges, moving expenses, remodeling costs, etc.
This dictionary contains 6433 terms. |
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