A lease that provides that all expenses attributable to the real estate are paid by the tenant. Local terminology may require some expenses to be paid to the landlord.
Net Operating Income
In the valuation process, the annual income available after operating expenses and real estate taxes to service the debt and provide the owner with a return on their investment.
The interest rate return on a mortgage after deducting the percentage equivalent of mortgage servicing from the coupon rate of the mortgage.
A property that is being used in contravention of current zoning by-laws but is permitted to remain because it pre-dates the enactment of the zoning by-laws.
An agreement that permits a tenant under a lease to remain in possession despite any action by a mortgagee.