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blanket A single mortgage instrument covering two or more properties.It is most often encountered in property intended for development,with partial lien releases given as lots are sold and part of the sale proceeds used to pay down the loan. Contrast with cross-collateralization, in which two or more properties, each with their own mortgages, include the other properties as additional collateral. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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