blanket

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Blanket

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.