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Word: Definition:
IMPROVEMENTS An addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently attached. More than repair or replacement.
INCOME PROPERTY Property owned or purchased primarily for the monetary return it will bring. It may be classified as commercial, industrial, or residential.
INDEMNIFY To protect against or keep free from loss/ damage. To insure. To repay for loss/damage. To compensate for loss, reimburse.
INDUSTRIAL INSTALLATION Active or inactive industrial facility held by the Department of the Army for production of weapons, systems, munitions, components, and supplies.
INGRANT Property acquired for Army or Air Force used by lease, license, or permit; not fee.
INLEASING The leasing of real estate interests therein, and improvements thereon for military and civil works purposes. Generally, also leasing of land/improvements by the Corps for other Government agencies.
INSTALLATION Land and improvements controlled by the Department of the Army and used by Army organizations for Army functions.
INSTALLED BUILDING EQUIPMENT Equipment and furnishings required to make a building usable and attached as a permanent part of the structure (e.g., docks, overhead crane., etc.).
INSTALLMENT CONTRACT Purchase of real estate upon an installment basis; upon default, payments are forfeited. Often called a LAND CONTRACT, the deed to the property is not given to the purchaser until either all or a certain portion of the purchase price has been paid.
INSTRUMENT A written legal document created to effect the rights of the parties.
INTEREST RATE The rate of return on an investment, specifically, the rate charged on borrowed money.
INTERNAL CONTROL The organization and methods within a Federal agency which guard against fraud, waste, abuse, and mismanagement of resources.
INTESTATE A person who dies having made no will, or one defective in form; in which case, his estate descends to his heirs at law or next of kin.
INVOLUNTARY LEN A lien imposed against property without consent of the owner; example: special assessments and Federal income tax.