Partially Open Mortgage:
A mortgage that allows the borrower to pre-pay a specific portion of the mortgage principal at certain times with or without penalty.
All property, except land and the improvements thereon.
Power of Attorney:
Delegated written authority to a person to legally act on behalf of another.
Power of Sale:
The right of a mortgagee to force sale of the property without judicial proceedings should default occur.
A clause inserted in a mortgage, which gives the mortgagor the privilege of paying the mortgage debt in advance of the maturity date, on stipulated terms.
In mortgage law, this term refers to the debt itself, as distinguished from interest.
A potential buyer or customer.
A term broadly referring to a building, surrounding land and other appurtenances associated with the building.
The amount that should be paid as merited by the extend and quality of the original service performed in a contract. In the breach of contract, injured party is entitled to the reasonable value.
Quit Claim Deed:
A general release of all claims or rights to a parcel of land.
For more terminology and jargon check:
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Lorne Park is Brantford's famous showcase horticultural park. The park is named after the Marquis of Lorne who was the Governor General of Canada from 1878 - 1883. Formerly part of the riverbed, park was low lying until it was gradually filled in after the first dikes were built.
In 1914, a study by Dunnington Grubb, a famous landscape firm, suggested that the city buy the property to enlarge Cockshutt Park as far as Lorne Bridge. By 1920 this land had been acquired to beautify the western entrance to Brantford at the river crossing.
For a short period the site was a miniature golf course called Pickwick Park. By 1936 Lorne Park was laid out in formal flower beds. At that time it also featured a bathing area.
The plantings on the south facing slope are changed annually to celebrate various important occasions. This is known as carpet bedding, an art which began in the 19th century.