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Acceleration Clause
A provision in a promissory note or security instrument that allows lenders to delcare the entire debt due immediately if the borrower breaches one or more provisions of the loan agreement.
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Easement Appurtenant
An easement that benefits a piece of property, the dominant tenement
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Appurtenance
Anything that is incident to, ATTACHED to, or pertains to the LAND. Goes with the land
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Littoral Land / Rights
Land that borders on a stationary body of water (lake), and the rights of use of the water.
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Riparian Land / Rights
Land that is adjacent to crossed by a body of flowing water.
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The three A's of fixture
- Adaptation: Built-in
- Attachment
- Agreement: written agreement
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Metes and Bounds
- Metes: measurement in feet
- Begins & Ends at point of beginning & measured clockwise direction.
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Unit's of Measurement of land
- 1 Township = 6 mi. x 6 mi. (36 sq.mi.)= 36 sections
- 1 section = 1 mi. x 1 mi. (1 sq.mi.)= 640 acres
- 1 Acre = 43,560 sq.ft.
- 1 Mile = 5280 ft.
- Section 16 = Schoolhouse section.
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Recorded Plat
Lot, Block, Subdivision system
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What are the four Governmental rights in land
- 1. Property taxes and Special assessments.
- 2. Eminent Domain
- 3. Police Power (zoning, ordinances, NO Taking)
- 4. Escheat (reversionary rights, no will)
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Freehold Estate
- 1. Fee Simple Absolute (best to have) max. private interest in a property, Last forever, Transfereable & Inheritable.
- 2. Fee Simple Degeasible (gift) last so long as conditions are met or reverts to grantor
- 3. Life Estate (life tenant "grantee" is owner
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Leasehold Estate
- The lessee holds a leasehold estate, & the lessor holds a leased fee estate.
- Note Statute of Frauds = except 12 months lease or less and property with fewer then 12 units
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Estate (tenancy) for years
- Specific termination date
- Death of lessor/lessee doesn't terminate
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Estate (tenancy) at Will
- Month-to-Month
- Duration terminates by notice of death
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Estate (tenancy) at Sufferance
- Holdover without permission after legal tenancy expires.
- If owner accepts payment, it converts/becames an Estate at Will
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Encumbrances: any claim, right or interest held by on who is not the legal owner of the property.
exp. an easement
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Easement in Gross: has only servient tenement (gas company easement)
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Three ways to terminate an easement
- 1. Merger
- 2. Release
- 3. Abandonment
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Lien: a claim on land to secure payment of a debt.
Note; General Lien attaches to a person
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