Sentences with phrase «acceleration clause allows»
Acceleration Clause Allows the lender in a loan agreement to demand early payment (sometimes in full) for certain reasons, such as defaulting on the loan, destruction of property, or transfer of title.
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Acceleration Clause Included in a mortgage, it allows the lender to demand early payment (sometimes in full) for certain reasons, such as defaulting on the loan, destruction of property, or transfer of title.
An acceleration clause is a statement or a series of statements in a contract that allows the insurer or the lender to demand payment of the total balance or demand an additional payment due to breach of contract, bankruptcy, failure to make payments, and non payment of taxes on loaned property.
Acceleration Clause Provision in a mortgage that allows the lender to demand payment of the entire principal balance if a monthly payment is missed or some other default occurs.