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The document is a mortgage agreement for a condominium unit, detailing the terms between the Mortgagor and Mortgagee regarding the loan secured by the property. It outlines the obligations of the Mortgagor, including payment of principal and interest, compliance with laws and regulations, maintenance of insurance, and responsibilities related to taxes and assessments. The document also specifies events of default and remedies available to the Mortgagee in case of non-compliance.

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What makes a condo a condo vs apartment?

Ownership is the main difference between condos and apartments. An individual owns a condo. Theres no ownership when living in an apartment; your monthly rent pays for the roof over your head. Rent is likely the only monthly fee youll pay for an apartment, but this fee can increase at any time.

Is a condo the same as a unit?

A condo means you own the unit and have to pay common charges. A flat or a unit or apartment simply refers to a living space that you may or may not own, but likely rent. These are three ways of describing the same thing. A suite is a fancy living space and is typically located in a hotel.

What is the meaning of inium unit?

A inium (or condo for short) is an ownership regime in which a building (or group of buildings) is divided into multiple units that are either each separately owned, or owned in common with exclusive rights of occupation by individual owners.

What unit type is a condo?

A condo, also known as a inium, is a housing or residential complex with separate units, each owned by an individual owner. Renters lease directly from the condo owner. Condo owners are responsible for what goes on within their individual units, including maintenance and repairs.

What is a condo also known as?

A inium, more commonly known as a condo, is a residential property privately owned and rented out to tenants. Unlike apartments that are leased via an agency or landlord on-site, renting iniums involves a one-on-one process between the owner of the condo and the prospective tenant.

Is a condo a one-unit property?

Condos can be one unit of a building or multifamily property and typically include amenities such as landscaping, snow removal, and exterior maintenance.

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