Notice, often in writing, in which an individual or business gives a notice of termination to another, pursuant to a cancellation provision in a contract to forestall future liability. Alternately, a notice given between an insurer and a re-insurer or an insurer and an insured of the termination of a contract or policy at the time of renewal, or in the latter case, for nonpayment of premium payments.
Notice of cessation
Notice to one or more individuals to cease and desist from performing a particular action.
Notice of default
The initial action taken by a lender when a mortgage falls into arrears and attempts to reconcile the issue out of court have failed. The Notice will normally give the defaulting party the terms necessary to remedy a default and the time period during which is must occur.
Notice of non-responsibility
Clearly stated notice that an owner or operator will not assume responsibility for an inherent risk.
Notice of pendency
Also called a Lis Pendens. Latin for suit pending. Recorded notice of the filing of suit, the outcome of which may affect title to a certain piece of property.
Notice to pay rent or quit
Also called a three-day notice to quit, this notice by a landlord to tenant to either pay rent due or vacate the premises. With a long-term lease, the notice may list penalties.
Notice to quit
Notice to a tenant to vacate rented property.
Notorious possession
Open and active occupancy of a piece of real estate that acknowledges the fact that you are in possession. Notorious possession is one of the important tests when finding for or against a claim of property under adverse possession, which is to acquire land by unauthorized but lengthy occupation.
Novation
Substitution of a subsequent borrower in place of the original borrower, who is then released from liability. This must be done with the approval of the lender.
Nozzle
An air terminal device designed to generate a low energy loss and thus produce a maximum throw by minimum entertainment.
