GLOSSARY 585

GLOSSARY 585

PERIODIC INTEREST RATE CAP — With respect to an adjustable rate mortgage, limits the increase or decrease in the note rate at each rate adjustment, thereby limiting the borrower’s payment increase or decrease at the time of adjustment. PERSONAL PROPERTY — Any property which is not real property. PHYSICAL DETERIORATION — Impairment of condition. Loss in value brought about by wear and tear, disintegration, use and actions of the elements; termed curable and incurable. PLAINTIFF — In a court action, the one who sues; the complainant. PLANNED DEVELOPMENT — A subdivision consisting of separately owned parcels of land together with membership in an association which owns common area.