Definitions
Century Dictionary and Cyclopedia
- n. A note the payment of which is secured by a mortgage given at the same time and recited in the note. Its effect is to hold the borrower liable for the deficiency if the mortgaged property does not satisfy the debt. The term bond is also used.
Examples
“Small Business Administration to use its 504 program to commence refinancing commercial properties when a small-business borrower has a balloon mortgage-note coming due.”
“consider lowering the mortgage-note amount to the current value of properties and lower the payments," Buchsbaum said.”
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