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| Prelease
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The obtaining of lease commitments in a building or complex, prior to its being available for occupancy. |
| Premise or premises
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Land and any existing buildings that are part of a conveyance as noted in a deed. |
| Premium
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Amount paid for real estate over and above the expected prevailing price. The value of a mortgage or bond in excess of its face amount. Alternatively, periodic fee paid for insurance protection. |
| Prepaid assets
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Expenses paid prior to the date they are due, such as insurances, supplies and inventory. |
| Prepaid expenses
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Expenditures paid for in advance of the period they cover. |
| Prepaid interest
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Interest on a loan that is paid before it is actually incurred. |
| Prepayment
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Payment of a debt before it's due. |
| Prepayment clause
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Clause in a mortgage that gives a mortgagor (borrower) the privilege of paying the mortgage indebtedness before it becomes due. Often, there is a penalty for prepayment. |
| Prepayment fee
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Charge, often required by the terms of a mortgage, that is assessed on the remaining principal when an obligation is paid off before its full term. |
| Prepayment penalty
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A consideration paid to the mortgagee for the prepayment privilege. Also known as reinvestment fee. This may or may not be regulated by state law. |
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