| Word: | Definition: |
| IMPROVEMENTS | An addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently attached. More than repair or replacement. |
| INCOME PROPERTY | Property owned or purchased primarily for the monetary return it will bring. It may be classified as commercial, industrial, or residential. |
| INDEMNIFY | To protect against or keep free from loss/ damage. To insure. To repay for loss/damage. To compensate for loss, reimburse. |
| INDUSTRIAL INSTALLATION | Active or inactive industrial facility held by the Department of the Army for production of weapons, systems, munitions, components, and supplies. |
| INGRANT | Property acquired for Army or Air Force used by lease, license, or permit; not fee. |
| INLEASING | The leasing of real estate interests therein, and improvements thereon for military and civil works purposes. Generally, also leasing of land/improvements by the Corps for other Government agencies. |
| INSTALLATION | Land and improvements controlled by the Department of the Army and used by Army organizations for Army functions. |
| INSTALLED BUILDING EQUIPMENT | Equipment and furnishings required to make a building usable and attached as a permanent part of the structure (e.g., docks, overhead crane., etc.). |
| INSTALLMENT CONTRACT | Purchase of real estate upon an installment basis; upon default, payments are forfeited. Often called a LAND CONTRACT, the deed to the property is not given to the purchaser until either all or a certain portion of the purchase price has been paid. |
| INSTRUMENT | A written legal document created to effect the rights of the parties. |
| INTEREST RATE | The rate of return on an investment, specifically, the rate charged on borrowed money. |
| INTERNAL CONTROL | The organization and methods within a Federal agency which guard against fraud, waste, abuse, and mismanagement of resources.
|
| INTESTATE | A person who dies having made no will, or one defective in form; in which case, his estate descends to his heirs at law or next of kin. |
| INVOLUNTARY LEN | A lien imposed against property without consent of the owner; example: special assessments and Federal income tax. |