GLOSSARY 595

securing title insurance policies which have reduced the importance of express and implied warranty in deeds. WASTE — The destruction, or material alteration of, or injury to premises by a tenant. WATER TABLE — Distance from surface of ground to a depth at which natural groundwater is found. WEAR AND TEAR — Depreciation of an asset due to ordinary usage. WILL — A written, legal declaration of a person expressing his or her desires for the disposition of that person’s property after his or her death. WRAP AROUND MORTGAGE — A financing device whereby a lender assumes payments on existing trust the amount outstanding on the old trust deeds and the additional amount of money borrowed.