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Glossary (click letters)

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NEIGHBORHOOD CENTER – (including Community Center) a shopping center anchored by a supermarket and/or drugstore, that provides convenience goods and services to a neighborhood. It is usually between 30,000 – 100,000 square feet, and draws from a one to three mile radius.

NET EFFECTIVE RENT – rental rate adjusted for lease concessions.

NET OPERATING INCOME (NOI) – total income less operating expenses, adjustments, etc., but before mortgage payments, tenant improvements and leasing commissions.

NET–NET LEASE (NN) – usually requires the tenant to pay for property taxes and insurance in addition to the rent.

NON–RECOURSE – a mortgage or deed of trust securing a note without recourse allows the lender to look only to the security (property) for repayment in the event of default, and not personally to the borrower. A loan not allowing for a deficiency judgment. The lender’s only recourse in the event of default is the security (property) and the borrower is not personally liable.

NOTICE OF DEFAULT (NOD) – to initiate a non–judicial foreclosure proceeding involving a public sale of the real property securing the deed of trust. The trustee under the deed of trust records a Notice of Default and Election to Sell ("NOD") the real property collateral in the public records.

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Andrew, Sadie and your team did a great job on Dan and Annabelle’s loan, and I thank you very ...

- Scott Liming | Iron Oak Mortgage

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