Cebu commercial lots owners will get a reprieve from paying higher real property taxes this year, as the Cebu City Council yesterday approved the ordinance deferring to next year the implementation of the revised schedule of fair market values (FMV) for 2003. The cebu commercial lots council also tasked the committee on budget and finance to sit with the team created by Mayor Tomas Osmeņa to review the schedule of FMV. Those who already paid higher taxes before the moratorium was passed will be given tax credits by City Hall. A taxpayer who paid P1,000 this year and had tax dues of only P800 in the previous cebu commercial lots year will get a tax credit of P200. The P200 will be deducted from his payables in 2005, when the ordinance takes effect Cebu commercial lots will be available. Grant To bestow or confer, with or without compensation, a gift such as land or money by one having control or authority over the gift. Grantee One to whom a grant is made. Grantor One who makes a grant. Hereditaments Any and all kinds of estates, interest and rights in real estate that can be inherited. Homeowners Insurance Real estate insurance protecting against loss caused by fire, some natural causes, vandalism, etc., depending on the terms of the policy. Index (1) An alphabetical listing in the public records of the names of parties to recorded real estate instruments together with the book and page number of the record. (2)Also includes coverage such as personal liability and theft away from home. HUD (Department of Housing and Urban Development) The federal department responsible for the major housing programs in the United States. The listing in abstract and title plants of recorded real estate and cebu commercial lots instruments in groups according to land descriptions, known as a geographical index. (3) The alphabetical listing in abstract and title plants, by names of the parties, of all recorded instruments that affect but do not describe particular real estate, such as judgments, powers of attorney, wills and probate proceedings. Such indexes are known by various names, such as "general index", "judgment index" and "name index". Instrument Any written document having a legal affect. Judgment The determination of a court regarding the rights of parties in an action. A judgment of debt on a property owner can create a lien on all of that owner's land within a certain jurisdiction. Junior Mortgage A mortgage lower in lien priority than another. Leasehold The right to possession and use of land for a fixed period of time. The lease is the areement that creates the cebu commercial lots right. Lessee A tenant holding a leasehold. Lessor A landlord; one who gives a leasehold to to a lessee. License Permission to go upon or use the land of another, the permission being a personal privilege and not constituting an interest in the land. Lien A monetary charge imposed on a property, usually arising from some debt or obligation. Lien Waiver Also called "waiver of liens". A waiver of mechanics' liens rights, signed bu contractors or subcontractors. Link In surveying, a length of 7.92 inches. Loan Policy Also called "mortgage policy". A title insurance policy insuring a mortgagee, or beneficiary under a deed of trust, against loss caused by invalidity or unenforceability of a lien, or loss of priority of the mortgage or deed of trust. Lis Pendens A legal notice intending to bind third parties of litigation claiming an interest in real estate. Lot Generally, any portion or parcel of real estate property and cebu commercial lots.

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