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Land Terms
Under-ceiling improvements
Landlord-provided tenant improvements to a grey shell building that convert a cold, dark space to a warm, lit one.
Also referred to as vanilla shell improvements (VSI), under-ceiling improvements vary by situation but usually
include taped and ready-to-paint walls, suspended ceiling with lights, floor coverings, electricity and plumbing
ready for the installation of outlets and fixtures, and window coverings.
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Unilateral contract
A contract in which one party makes an obligation to perform without receiving in return any express promise of performance from the other party, such as an open listing contract, where the seller agrees to pay a commission to the first broker who brings in a ready, willing and able buyer
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Upset price
A minimum price set by a court in a judicial foreclosure, below which the property may not be sold by a court appointed commissioner at public auction; the minimum price which can be accepted for the property after the court has had the property appraised
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Upstream
Direction from which a stream flows
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USDA Forest Service (US Forest Service)
A branch of the U.S. Department of Agriculture responsible for managing the national forests of the United States. Popularly known as the "U.S. Forest Service.
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Useful life
That period of time over which an asset, such as a building, is expected to remain economically feasible to the owner
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Usury
Charging a rate of interest in excess of that permitted by law
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Uxbridge, England
A suburb of London, located in Middlesex in southeast England.
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