Occurs when a debt service payment is not made on time, or when the mortgagor or its tenants do not perform their obligations as described in the mortgage.

Ratio of rentable area to useable area. The load factor is a gauge by which a user can evaluate different sites with comparable rents. It is also known as the add-on factor and the rentable-to-usable ratio.

A policy of title insurance issued by the mortgage lender insuring against the loss by defects in, liens agains, or unmarketability of title.

Pending lawsuit; a lis pendens notice is legal notice to the world that a lawsuit is pending.

Association of two or more persons formed under the laws of any state, and having one or more general partners and one or more limited partners. A limited partner has no management authority and is not responsible for the debts of the partnership.

Non-corporate entity that combines the advantages of a limited partnership and a corporation without the corresponding disadvantages. An LLC is a group of individuals with interests in property that provides each individual owner with limited liability and the ability to participate in the management of their commonly owned property. It places no restrictions on management,…

Limits the time period during which a lawsuit may be brought under the lease. This is essentially a statute of limitations by private contract.

The liability of real estate as security for payment of a debt; such liability may be create by contract, such as a mortgage, or by operation of law, like a mechanics lien.

Represents a preliminary understanding between the potential parties to a contract enables the parties to memorialize their understanding of the key points of a deal without the necessity of covering every point. The critical aspect of a letter of intent is that it is subject to the parties entering into a formal contract.

The person who rents or leases a property to another; also known as landlord.