| Word: | Definition: |
| MAJOR CONCESSION | A commercial concession entirely on project land with gross fixed assets or annual gross income over $150,000. See also, COMMERCIAL CONCESSION, MINOR CONCESSION, MIXED CONCESSION.
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| MARKET PRICE | The price paid regardless of pressures, motives, or intelligence.
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| MARKET VALUE | The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
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| MARKETABLE OR MERCHANTABLE TITLE | A title which is free from reasonable doubt of defect which can be readily sold or mortgaged to a reasonably prudent purchaser or mortgagee; a title free from material defects or grave doubts and reasonably free from possible litigation. |
| MEAN SEA LEVEL | Average sea level position, midway between average high and average low water. Used as a standard for measurement of heights in the past; now replaced by the National Geodetic Vertical Datum (NGVD) in most of the country.
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| MECHANICS LIEN | A statutory lien to secure payment to materialmen and mechanics for materials and services used to repair, improve, or maintain real property. |
| MEETING OF MINDS | A mutual intention of two persons to enter into a contract affecting their legal status based on agreed-upon terms. One of the essential elements of a contract whereby the parties consent to be bound by the exact terms of the contract.
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| METES AND BOUNDS | A common method of land description that identifies a property by specifying the shape and boundary dimensions of the parcel, using terminal points and angles. |
| MINERAL RIGHTS | The right to extract minerals from land. Does not include right to use the surface of the land to conduct mineral extraction. This must be obtained from the surface owner.
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| MINOR CONCESSION | A commercial concession entirely on project land with gross fixed assets or annual gross income under $150,000. See also, COMMERCIAL CONCESSION, MAJOR CONCESSION, MIXED CONCESSION. |
| MIXED CONCESSION | A commercial concession on project and private land. See also, COMMERCIAL CONCESSION, MAJOR CONCESSION, MINOR CONCESSION. |
| MONUMENT | A natural or manmade fixed object used as a permanent reference point for surveying or to mark land ownership boundaries. |
| MONUMENTS DESCRIPTION | A method of describing property by referring to objects (monuments) on the boundaries. |
| MORTGAGE | A legal instrument pledging a described property for repayment of a loan under certain terms.
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| MORTGAGE BROKER | An individual or firm that makes mortgage loans on its own behalf, with its own funds, usually expecting to re-sell the loans to lenders at a profit. |
| MORTGAGEE | one to whom a mortgage is made; the lender. |
| MORTGAGOR | One who makes a mortgage, the borrower.
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| MULTIPLE USE | Integrated management of all natural resources to achieve optimum use and enjoyment, while balancing environmental qualities, ecological relationships, and esthetic values.
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