Nondisturbance Clause
Definition of "Nondisturbance clause"
- Clause inserted into a commercial lease by a mortgagee stating the lessee's current lease will not be terminated if there is a foreclosure action against the landlord for the failure to pay a mortgage. Without this clause, a tenant could be evicted in the event of a foreclosure action by the mortgagee.
- Clause inserted in a property sale agreement, where the property owner does not have mineral rights, stating any surface improvements made by the property owner will not be disturbed by any subsequent mineral exploration and recovery activities.
Popular Real Estate Terms
A correlation defines how two variables relate to one another. We can confirm a correlation if an alteration in one variable can change the other’s behavior. Using quantifiable data ...
See quantity survey method. ...
A rectangular area bordered on all sides by buildings. Often, a quadrangle is grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site ...
Predetermined price for a contract that will be the same irrespective of the actual costs incurred to complete it. This contract is advantageous to the buyer because he knows beforehand ...
Decision rendered by a court of law. ...
The willingness of a lender to give a mortgage to a mortgagor. A mortgage commitment will give a time period the mortgage will be given and an indication of the interest rate to be charged ...
Designation given to members of the American Society of Real Estate Counselors (ASREC). A prerequisite for membership is professional experience and ethical conduct. ...
An income feature added to a mortgage whereby the mortgagee earns income in addition to the mortgage interest and principal payments. Also called an equity kicker, a kicker allows the ...
Escrow, often known as collateral, is a legal concept. A third party is designated to hold an asset, resource, or a sum of money used in a transaction on behalf of the other two parties, ...
Have a question or comment?
We're here to help.