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7 Cards in this Set
- Front
- Back
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Subordination Clause |
Allows an instrument recorded later to take priority over an earlier recorded instrument. |
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Late Charge Provisions |
Adds a late fee to overdue payments. |
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Prepayment Provisions |
May impose a penalty if the borrower prepays, or repays, the loan balance before its due date. |
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Partial Release Clause |
Provides for release of part of the security property when part of the debt has been paid. |
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Acceleration Clause |
Declares the entire loan balance due in the event of a default. |
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Alienation Clause |
Limits the borrowser's rights to transfer the property without the lender's permission unless the loan is paid off first. |
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Assumption |
When a buyer takes on responsibility for repaying an existing loan and becomes liable to the lender, the seller remains secondarily liable to the lender. |
