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MAINTENANCE - The normal and customary care and upkeep of a property.

MAJORITY -.A number representing more than 50%. Also refers to the “Age of Majority” Which see) which refers to the age in which a person is no longer considered a minor And is deemed capable of handling their own affairs.

MANAGEMENT - The responsibility for over-seeing the day to day operation of the office building.

MARGIN – The amount added to an index to determine note rates on an Adjustable Rate Mortgage (ARM).

MARKET – The customer base for a particular product or service.

MARKET ANALYSIS - A study reflecting various conditions of a given market.

MARKET INDICATORS - Statistical data pinpointing particular reasons for affect on a market.

MARKET PLAN – A specific strategy created with the purpose of reaching as many potential customers as possible for a given area.

MARKET DEVELOPMENT PLAN – A process in which a given area is studied and mapped with the intent of developing a retail presence in it. A properly constructed plan identifies direct and indirect competition, traffic generators, physical and psychological trade barriers and takes an in depth look at demographic and consumer information with the intent of identifying the areas with the best potential for success.

MARKET RATE - Price that is generally acceptable for a particular product within a given market.

MARKET RENT - The amount of rent the property would most likely attain on the open market.

MARKET SURVEY - A study of vital statistics from various properties effecting a segment of or the market.

MARKET VALUE - The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure. As defined by the courts, it is the highest price estimated in terms of money which a property will bring if expected in terms of money which property will bring if exposed for sale in the open market, allowing a reasonable time to find a purchaser with the knowledge of the property's use and capabilities for use.

MARKETABLE OF MERCHANTABLE TITLE - Title free and clear of objectionable liens or encumbrances; a title which is free from reasonable doubt of defect, which can be readily sold or mortgaged to a reasonable prudent purchaser or mortgagee; a title free from material defects and reasonably free from possible litigation. A good title about which there is no reasonable doubt.

MARQUEE – A permanent roofed structure that extends outward from the face of a building and is designed to act as a grand entrance. Usually associated with hotels and theatres, its three sides allow for very visible identifying signage or advertising.

MARQUEE SIGN – A sign attached to a buildings marquee.

MASONARY - Is the building of structures from individual units laid in and bound together by mortar. The common materials of masonry construction are brick, stone, concrete, marble, granite, limestone, glass and tile. Brick and concrete block are the most common uses. Masonry is a highly durable form of construction.

MASTER PLAN - The term master plan is used synonymously by many to refer to the comprehensive plan. The statutory, official name for the community’s written plan for the future is the comprehensive plan.

MATCHED SYSTEM - A heating and cooling system comprised of products that have been certified to perform at promised comfort and efficiency when used together, and used according to design and engineering specifications.

MECHANICAL ENGINEER - An engineer that designs the heating, cooling, and ventilation systems for a building.

MECHANICS LIEN - A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate. A lien allowed by statute to contractors, laborers, and material men on buildings, or other structures upon which work has been performed or material supplied.

MEDIAN - A calculated value that divides the distribution in an area into two equal parts. One half falls above the value and one half falls below. For example, if the median age is 21, half the population is younger than 21 and the other half is older than 21.

MEDIAN AGE - This measure divides the age distribution into two equal parts: one half of the cases falling below the median value and one-half above the value.

MEDIAN INCOME – Refers to the middle value (in this case, incomes) when all are arranged from highest to lowest. Unlike Average Income (which see); Median levels are more of an accurate barometer when judging incomes of an area.

MEDIATION - Mediation is a process of negotiation, generally used when a dispute exists among two or more parties, conducted by a trained mediator who works with all parties involved so that their true interests are identified and a resolution is achieved that responds effectively and fully to those interests.

MERIDIANS - Imaginary lines running north-south which intersect base lines to form a starting point for the measurement of land.

METES AND BONDS - A method of describing or locating real property; metes are measures of length and bonds are boundaries. This description starts with a well-marked point of beginning and follows the boundaries of the land until it returns once more to the point of beginning.

METROPOLITAN STATISTICAL AREA (MSA) -MSA's are delineated on the basis of a central urbanized area—a contiguous area of relatively high population density. The counties containing the core urbanized area are known as the central counties of the MSA. Additional surrounding counties (known as outlying counties) can be included in the MSA if these counties have strong social and economic ties to the central counties as measured by commuting and employment. Note that some areas within these outlying counties may actually be rural in nature.

MID-BLOCK LOCATION (aka: Interior Location) - A parcel of property that has direct access to only one roadway due to the existence of adjacent parcels of land. Whether the property is one parcel off of an intersection or several, it is still considered
Mid-Block and is usually restricted to right-in-right-out access. Always check for U-Turn opportunities both "upstream" and "downstream" of the site's traffic flow to best understand and identify any potential impediments to any and all directional changes.

Illustration - Mid-Block Location

 

MILL - One-tenth of one cent; a tax rate of one mill on the dollar is the same as a rate on one-tenth of one percent of the assessed value of the property.

MILL RATE - The amount of tax per $1,000.00 imposed on real property by taxing authorities.

MINOR - A person under 18 years of age.

MINUTES - The minutes typically cover the important discussions, facts found, and actions taken at a meeting. The Open Meetings Law requires that the minutes provide a record of motions, proposals, and actions.

MITER - Joint formed by two pieces of material cut to meet at an angle.

MITIGATION – To make less severe or to cause an offense to be less serious.

MITAGATION CONDITIONS - Conditions imposed by a reviewing body on a proposed development project or other action to mitigate its adverse impact on the environment.

MIXED USE - In some zoning districts multiple principal uses are permitted to coexist on a single parcel of land. Such uses may be permitted, for example, in neighborhood commercial districts, where apartments may be developed over retail space.

MIXED USE BUILDING - Also referred to as a multi-tenant building. Tenancy is made up of more than one tenant in various businesses.

MODEL CODE - Building code, written and published by a building-official association, available to states, counties and municipalities for adoption (for a fee) in lieu of their own, e.g., Uniform Building Code, Standard Building Code, National Building Code.

MODIFICATION AGREEMENT - An instrument, which changes or modifies a mortgage or deed of trust from the original document as to terms.

MODIFIED GROSS LEASE - This is a lease where the tenant pays rent and included are all costs related to the operation of the building, except the tenant pays his proportionate share of operating expense overages.

MONETARY CONTROLS - Federal Reserve tools for regulating the availability of money and credit to influence the travel of economic activity.

MONTH TO MONTH LEASE - An agreement by landlord and tenant to allow the tenant to occupy space on a month to month basis. Typically this type of lease can be terminated by either party with a thirty day notice.

MONTHLY RENT - One twelfth of the Annual Rent, paid to the landlord usually on the first of the month,

MONUMENT OF SURVEY - A fixed object and point established by surveys to establish land locations. Visible marks or indications left on natural or other objects, indicating the lines and boundaries of a survey. May be posts, pillars, stones, cairns and other such objects, but may also be fixed natural objects, blazed trees, roads or even a watercourse.

MONUMENT SIGN – A freestanding ground sign with little or no clearance underneath. Depending on the surrounding area, may offer better driver visibility than a Pole Sign due to existing street conditions (sign-pollution, street trees and other roadway conditions).


(Typical Monument Sign)

 

MORATORIUM - The temporary suspension, usually by statute, of the enforcement of liability for debt. Moratorium - A moratorium suspends the right of property owners to obtain development approvals while the local legislature takes time to consider, draft, and adopt land use regulations or rules to respond to new or changing circumstances not adequately dealt with by its current laws. A moratorium is sometimes used by a community just prior to adopting a comprehensive plan or zoning law, or major amendment thereto.

MORTGAGE - An instrument used to encumber land as security for a debt.
A conditional conveyance of property as security for the payment of a debt or the fulfillment of some obligation. Upon payment of the debt or performance of the obligation, the mortgage becomes void. An instrument recognized by law, by which, property is pledged to secure the payment of a debt or obligation. The procedure for foreclosure of a mortgage in event of default is established by statute. A lien upon real property similar to a Deed of Trust, but upon final payment of the debt, the mortgage (the secure party) releases the mortgage with a "satisfaction of mortgage."

MORTGAGE BACKED SECURITIES – Income producing securities based upon mortgage loan packages.

MORTGAGE INSURANCE PREMIUM (MIP) – Mortgage insurance charged on FHA loans.

MORTGAGEE - The party to whom the property is conveyed under a mortgage as security for the repayment of a loan or fulfillment of some obligation. One to whom a mortgagor gives a mortgage to secure a loan or performance of an obligation; a lender. (See; Secured Party.)

MORTGAGOR - The party who, by a mortgage, conveys his interest in the property as security for the obligation to repay a loan or fulfill some obligation. A designation for the mortgage borrower on property or one who gives a mortgage on his or her property to secure a loan or assure performance of an obligation; a borrower. (See; Debtor.)

MORTGAGE POLICY - A title insurance policy containing a written guaranteed statement of facts showing the mortgagee, the priority of its loan, and the status of all other interests in the property.

MOULDING (also Molding) - Narrow decorative strip applied to a surface.

MSA (Metropolitan Statistical Area) - MSA's are delineated on the basis of a central urbanized area—a contiguous area of relatively high population density. The counties containing the core urbanized area are known as the central counties of the MSA. Additional surrounding counties (known as outlying counties) can be included in the MSA if these counties have strong social and economic ties to the central counties as measured by commuting and employment. Note that some areas within these outlying counties may actually be rural in nature.

MULLION - The horizontal and/or vertical bars or divisions in a window frame that separates, or gives the appearance of separating multiple panes or lights; also known as a grill or Muntin.

 

 

MULTI-TENANT BUILDING - A building that houses more than one tenant.

MULTI-TENANT FLOOR - A floor in a building that houses more than one tenant.

MUNICIPAL CLERK - The municipal clerk is the public official authorized by the local legislature to keep official records of the legislative and administrative bodies of the locality. Final determinations of reviewing boards ordinarily must be filed with the municipal clerk.

MUNTIN The horizontal and/or vertical bars or divisions in a window frame that separates, or gives the appearance of separating multiple panes or lights; also known as a Grill or Mullion.

 

 

MUTUAL ASSENT - One of the essential elements of a contract. Often called "Meeting of the Minds;" the agreement of the parties to the contract, mutually consenting to be bound by the exact terms thereof.

MUTUAL WATER COMPANY - A water company organized by or for water users in a given district with object of securing an ample water supply at a reasonable rate; stock is issued to users.

 

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