Seller, Lessor.

Seller, Lessor.

PRINCIPAL NOTE — The promissory note which is secured by the mortgage or trust deed. PRIOR LIEN — A lien which is senior or superior to others. PRIORITY OF LIEN — The order in which liens are given legal precedence or preference. PRIVATE MORTGAGE INSURANCE — Mortgage guaranty insurance available to conventional lenders on the first, high risk portion of a loan (PMI). PRIVITY — Mutual relationship to the same rights of property, contractual relationship. PRIVITY OF CONTRACT — The relationship which exists between the persons who are parties to a