Sentences with phrase «clause gives the lender»

In the event of foreclosure, this clause gives the lender the ability to get rid of tenants that are paying below - market rent or are otherwise «undesirable».

Lets also remember that the due on sale clause give the lender the right, not the obligation, to call the loan due.

Not exact matches

Nevertheless, you should look out for these clauses in the small writing and look for a lender who will give you the prepayment option, thus, not losing interests by shortening the plan.

A due - on - sale clause in your original mortgage agreement gives the lender the right to call your remaining mortgage balance due if you sell the mortgaged property or otherwise transfer title to another party.

Acceleration Clause A provision in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a series of monthly payments are missed.

However, given that the solicitor will only have access to an insurance binder prior to closing (which does not include the terms of the policy), it would be prudent for the solicitor to advise the lender client about the limitation on the solicitor's ability to ensure that the requested mortgage clause is included in the policy prior to closing.

The answer is no, unless there was an additional clause added to the agreement that gave the seller the right to provide the financing in the event the buyer was not approved by the lender.

This clause undercuts the tenant's priority vis - à - vis a subsequent mortgage lender and doesn't give the tenant an automatic right to another NDA with the subsequent lender.

The property might be encumbered by underlying loans that contain alienation clauses, giving the lender the right to accelerate the loans upon sale.

A loan provision giving the lender the right to declare the entire amount immediately due and payable upon violation of another specific loan provision, commonly referred to as the Due on Sale Clause.

The «due on sale» (aka «acceleration clause») is a provision in a mortgage document that gives the lender the right to demand payment of the remaining balance of the loan when the property is sold.

In previous Blog entries, we've talked about one of the bigger pitfalls to «creative financing», and that is that it may give the Seller's Mortgage Lender (s) the right to foreclosure for a violation of the «Due on Sale Clause.»