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The actual transfer of money from a lender to a borrower under a loan agreement, loan commitment, or line of credit.
A promise by a lender to provide a long-term mortgage loan upon satisfactory completion of construction.
A permanent loan on real property, which takes out the interim, construction loan.
A program in which the Government National Mortgage Association (GNMA) buys certain mortgages at a subsidized price for subsequent resale at market prices to the Federal Home Loan Mortgage Corporation (FHLMC) or the Federal National Mortgage Association (FNMA).
Physical and material assets that have shape and form, and can be touched. Examples are cash, land, and buildings.
OTS defines a thrift institution's tangible capital as outstanding stock plus retained earnings. In 1989, OTS set the minimum tangible capital requirement for savings institutions at 1.5 percent of assets.
The amount of a savings association's core capital plus the amount of outstanding cumulative perpetual preferred stock minus all intangible assets not previously deducted except purchased mortgage servicing rights that may be included in core capital and qualifying supervisory goodwill that can be counted as core capital.
tangible net worth
Same as tangible capital.
An examination that focuses on specific areas of a financial institution's operations.
A reduction of taxes or an exemption from taxes granted by a local government on a piece of real property for a specified length of time.
A deed on property issued when the property is purchased at a public sale for nonpayment of taxes.
tax escalation clause
A provision in a lease for the tenant to pay for any increase in real estate taxes imposed on the leased property.
A government claim against real property for unpaid taxes.
tax participation clause
A provision in a lease stipulating that the tenant will pay all or part of the real estate taxes on the leased property. Also called a tax stop clause.
The sale of property by a taxing authority or an officer of the court acting on a judgment to satisfy the payment of delinquent taxes.
Any legal means of postponing or reducing the amount of tax due.
tax stop clause
An investment vehicle generally used to create income for retirement. Pretax dollars are invested by an employer for an employee to provide a future stream of income to the employee for either a fixed number of years, or for life. Federal income tax on the pretax dollars invested and on the interest they earn is postponed until the retirement income is received.
Income which is subject to tax when earned, but for which the actual tax payment is postponed until a later time.
An investment that is subject to tax, but on which the actual tax payment is postponed until a later time. Normally, the payment is delayed until a person is in a lower tax bracket, thus reducing the tax liability.