NEIGHBORHOOD LIFE-CYCLE The evolution of neighborhood use and demographics over time. Economic fluctuations, municipal zoning changes and population shifts can affect the life cycle.Read more →

NEIGHBORHOOD CENTER This center is designed to provide convenience shopping for the day-to-day needs of consumers in the immediate neighborhood. According to ICSC’s SCORE publication, a supermarket anchors half of these centers, while about a third have a drugstore anchor.…Read more →

NEIGHBORHOOD A subsection of a municipality that has been designated by a developer, economic forces or physical formations.Read more →

NEGOTIATION The process of bargaining that precedes an agreement.Read more →

MARGINAL LAND Land whose value has been diminished due to some internal defect or external condition. In most cases, the cost to correct the flaw or condition is as much or more than the expected return from the property.Read more →

MAKER One who creates or executes a promissory note and promises to pay the note when it becomes due.Read more →

LEASEHOLD ESTATE A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.Read more →

LEASE COMMENCEMENT DATE The date usually constitutes the commencement of the term of the lease, whether or not the tenant has actually taken possession, so long as beneficial occupancy is possible.Read more →

LANDLORD The lessor or owner of the leased property.Read more →

JUST COMPENSATION Compensation that is fair to both the owner and the public when property is taken for public use through condemnation (eminent domain).Read more →