Term sheets vary in format by capital provider but not much in content. Six provisions carry the analysis — parcel and record owner, assessment amount and eligible costs, term and weighted average useful life, annual installment and billing, priority and non-acceleration, prepayment and transfer — each with what to check and the common variance to expect. Reading notes follow on each, including the observation that a term sheet using loan vocabulary throughout is worth a second look, because the instrument is an assessment and the vocabulary usually tells you whether the drafter knows that. Prepayment gets particular attention as the provision most often assumed rather than read. Ends with a six-question quick screen.
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